Earlier this year, the Consumer Financial Protection Bureau published a rule that would have made it unlawful for a company to prohibit class actions by consumers in financial services contracts. We sat down for a discussion with Michael Calhoun, President of the Center for Responsible Lending, to talk about the effect of this proposed rule on consumers and the financial products industry. Our article that came out of that interview was recently published by the Class Actions and Derivative Suits section of the American Bar Association. You can read it here.
UPDATE: Congress has voted to overturn the rule, an unexpected victory for industry interests.