From the Web: ‘Equifax Breach May Kill Repeal of CFPB Mandatory Arbitration Rule’
9/11/2017 2:06 PM
American Banker reports attention to the mandatory arbitration clause in Equifax’s free credit monitoring services offered after the data breach could hurt efforts by Republicans to overturn the Consumer Financial Protection Bureau’s rule.
The data breach experienced by Equifax last week may have a ripple effect that could prevent efforts initiated by Republican members of Congress to repeal the Consumer Financial Protection Bureau’s rule blocking mandatory arbitration clauses, American Banker reports. The free credit monitoring services Equifax is offering to consumers after the data breach include a mandatory arbitration clause that would prevent consumers from filing a class action suit against the credit reporting agency for using the service, according to the article. “The company later changed gears, saying late Friday that customers signing up for the service would not waive the right to a class action suit. But by then the damage was already done,” American Banker reports. Some members of Congress immediately called for Equifax to remove the clause, according to the article.
Follow ACA on Twitter @ACAIntl and @acacollector or Facebook for news and event updates. ACA’s LinkedIn Group includes news updates, member discussions, event promotions, jobs and more. Visit the group page and request to join today. Subscribe to ACA Daily, Collector magazine and update your email subscription preferences by visiting the publications page. ACA members can get email notifications when each new digital issue of Collector magazine is available by logging in here; members and nonmembers can also purchase a print subscription. Nonmembers can create a guest profile on ACA’s website to subscribe to available publications.