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In June 2013, the CFPB proposed a telephone survey of credit card holders regarding their awareness and perception of arbitration agreements in credit card contracts. [148] The CFPB has also issued an order for financial companies to provide copies of their consumer agreements for the arbitration study. [ 149 ]
How long do you have to dispute a credit card charge? You have 60 days from when the disputed charge appears in your monthly statement to dispute it (except for in the case of fraud). So dispute ...
The Discover Card cardholder agreement required any disputes be handled through an arbitration agreement. The company was accused of miscalculating late fees that would be very small dollar amounts for individual consumers but, in the aggregate, would be a large sum of money.
Arbitration, in the context of the law of the United States, is a form of alternative dispute resolution.Specifically, arbitration is an alternative to litigation through which the parties to a dispute agree to submit their respective evidence and legal arguments to a third party (i.e., the arbitrator) for resolution.
Here's what to know about the change. How credit card companies ended up charging large late fees. In 2009, Congress passed the Credit Card Accountability Responsibility and Disclosure Act, or ...
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In 2007, non-profit consumer advocacy group Public Citizen criticized the National Arbitration Forum, including its fee schedule and alleged bias. [ 11 ] According to a July 2008 Navigant analysis of the Public Citizen data, [ 12 ] 26,665 arbitrations out of a total of 33,948 arbitrations were either heard or dismissed (i.e. excluding ...
In March 2024, a settlement in the injunctive relief portion of the payment card interchange fee case was announced to reduce what are known as "swipe fees" for merchants in the U.S. This change, set to last five years, was expected to save retailers about $30 billion and mark the end of a long-standing legal battle over antitrust issues ...