One of the topics discussed at the MBA Secondary Marketing conference was the Consumer Financial Protection Bureau’s proposed rule that would make it easier for consumers to sue their bank or financial institution.

Specifically discussed were the terms that companies routinely insert in contracts for credit cards, payday loans and other products that require consumers to settle disputes through arbitration. The Consumer Financial Protection Bureau proposes a rule that would circumvent those clauses by allowing groups of people to join together to pursue class-action lawsuits when they feel they've been wronged.

"Signing up for a credit card or opening a bank account can often mean signing away your right to take the company to court if things go wrong," said CFPB Director Richard Cordray. "Many banks and financial companies avoid accountability by putting arbitration clauses in their contracts that block groups of their customers from suing them. Our proposal seeks comment on whether to ban this contract gotcha that effectively denies groups of consumers the right to seek justice and relief for wrongdoing.”

Alan Kaplinsky, head of the Consumer Finance Practice at Ballard Spahr, does not share that point of view. In a Bloomberg article, he was quoted, "There's only one winner coming out of this rule: the plaintiff's class action bar...it's not good for the industry, for banks or for nonbanks. And consumers are going to be net losers, it's a lousy trade."