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Richard Cordray

Financial regulators move to restrict forced arbitration

Suing your bank or debt collector might be getting a whole lot easier. The Consumer Financial Protection Bureau is considering new regulations that would severely curtail a contentious practice called mandatory arbitration, which is when consumers are forced to take their disputes to a third-party mediator instead of a court of law. It is something consumer advocates have long argued does a disservice to people who have disputes with banks, credit card issuers and other financial service providers. Many Americans don't know that, buried in the fine print, they've agreed not to bring lawsuits against banks or other financial institutions if they have complaints over issues such as...