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House votes to prevent disgruntled customers from being able to sue their bank

Should angry consumers be allowed to sue financial firms, when they think the companies have done them wrong?

No, according to members of the House of Representatives.

Earlier this month, the Consumer Financial Protection Bureau announced a final version of a rule that would ban companies from using language in their contracts called “mandatory arbitration clauses” that prohibit consumers from bringing class-action suits against them. The rule would apply to institutions that sell financial products including bank accounts and credit cards.

Members of the House on Tuesday voted to repeal the CFPB’s rule, which will now face a vote in Senate.

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