Wells Fargo

New protection for financial customers

The Consumer Financial Protection Bureau, a federal watchdog group established after the financial crisis, has just issued a new rule protecting consumer rights.

Until now, most bank and credit card companies have had a bit of fine print in their contracts that shields the company at your expense. It's known as a "binding arbitration clause." What it means is if that you believe that you've been denied or cheated out of your rights, you agree to take up the issue individually with a person called an arbitrator.

Sounds easy enough. But most of the time when huge corporations hurt consumers, the individual amounts at issue are pretty small. Companies know that it's...