Here’s the first: Assistant U.S. Attorney Martin S. Bell. He’s based in New York and used Ashley Madison at work. He works for the controversial U.S. Attorney Preet Bharara.
We will be publishing the name of high-ranking Department of Justice officials over the next few days.
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No wonder Congress is still continuing to dismantle CFPB. Great job, Richard Cordray!
A consumer watchdog is one step closer to finally preventing big banks, payday lenders and other financial services from blocking class action lawsuits filed by disgruntled consumers. In a statement Wednesday, the Consumer Financial Protection Bureau proposed rules that would prohibit some financial services companies from including a clause in customer agreements that forces class action legal claims to be handled in arbitration.
Arbitration is a way for corporations to make sure consumers keep their claims out of court and away from the public eye. As a consumer, it’s difficult to avoid agreeing to these clauses because they’re used by the majority of financial products and services — from checking accounts and prepaid debit cards to payday loans and student loan debt — and even if they aren’t, companies can add them to our contracts at any time.
“[Companies] provide themselves with a free pass from being held accountable by their customers,” CFPB Director Richard Cordray said in a statement. “Many violations of consumer financial law involve relatively small amounts of money for the individual victim. Group claims often are the only effective way consumers can pursue meaningful relief for harms that can add up to large amounts of money for financial providers.”