For years, many consumers opening credit cards or using almost any kind of financial product have been banned from challenging those companies in class action lawsuits. But new rules proposed by the Consumer Financial Protection Bureau (CFPB) could change that.

The rules would bar financial companies from using mandatory arbitration clauses that prevent them from participating in class action lawsuits. The proposal faced opposition from financial groups, which argued that the rules would raise legal costs and push more consumers into frivolous class action suits.

“If this proposed regulation becomes final, I believe that all companies will abandon arbitration,” said Alan S. Kaplinsky, who leads Ballard Spahr’s Consumer Financial Services Group, during his testimony during the CFPB field hearing.