Sen. Elizabeth Warren (D-Mass.) wants to know where the nation’s biggest banks stand on the Consumer Financial Protection Bureau’s new rule banning companies from stripping consumers of their right to join class action lawsuits, The Hill reported today. Warren sent a letter yesterday to the CEOs of the 16 largest financial firms, including Bank of America and Wells Fargo & Co., asking whether they oppose the rule limiting use of language, know as arbitration clauses, in consumer contracts that force consumers to settle disputes privately with an independent third party. House Republicans passed a resolution late last month to repeal the controversial rule under the Congressional Review Act. Business and bank lobbying groups reportedly claim the rule limits consumer choices and makes it harder to collect from bad actors.
