Personal Finance

Some U.S. banks already comply with new class action, arbitration rule

WASHINGTON (Reuters) – Senator Elizabeth Warren, who opposes efforts to dismantle a new rule allowing customers to sue financial companies in class actions, released letters on Tuesday from U.S. bank CEOs in which they declined to defend lobbying against the measure and several said they already comply with it.

Warren asked the bank CEOs if they believed the rule should be reversed.

“Despite the claims of their paid lobbyists, not a single one of the 16 CEOs I wrote was willing to defend efforts to gut the (Consumer Financial Protection Bureau‘s) pro-consumer arbitration rule,” she said in a statement.

Reuters: Money