For anyone who's ever been frustrated with fees or overcharges on bank account or credit card, the option to join a class-action lawsuit may become easier if the Consumer Financial Protection Bureau (CFPB) has its way.
The CFPB's proposed rule would would allow consumers to lodge class-action lawsuits against financial institutions. Richard Cordray, director of the CFPB, told CNBC's "Closing Bell"that arbitration clauses are hidden within the fine print, in which "consumers are forced to act alone."
Most consumers "don't realize that in that contract may be buried an arbitration clause, which dictates how any dispute would be handled," he said in an interview.
"For example, if they're overcharged $50, this would not allow them to go to court. They couldn't join with other groups of consumers who have been similarly overcharged to get justice," Cordray explained.