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Overturned Arbitration Rule Could Facilitate Debt Collection

Congress recently voted to overturn a rule put forth by the Consumer Financial Protection Bureau that prohibited banks and other financial institutions from using mandatory arbitration clauses in the fine print of their contracts. Mandatory arbitration clauses prevent consumers from opting out of a requirement that they use arbitration to resolve disputes. In other words, mandatory arbitration clauses mean that consumers cannot band together against banks or other institutions in a class action lawsuit. Instead, each complaint must be handled individually behind closed doors.

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