Americans are very protective of their constitutional rights. But over the years, Wall Street lawyers have used a secret tactic – their fine print contracts – to take away our constitutional right to go to court. After more than five years of studying and working on the problem, the Consumer Financial Protection Bureau issued a rule to restore our right to join together and hold big banks and lenders accountable in court for abusive behavior.
Some in Congress want to take our rights away – again! Tell your U.S. Representative to support the CFPB arbitration rule and to reject any proposal to repeal the rule.
Forced arbitration is an abusive practice in which corporations hide “ripoff clauses” in the fine print to stop consumers from suing them in court. Instead, banks and lenders choose a private arbitration firm to decide the outcome and then pick what rules apply and how much it will cost consumers – with no real opportunity to appeal a bad decision.
The new and widely supported rule would restrict the worst elements of this practice. It would ensure that we can band together against systemic and widespread financial misconduct. It would ensure that we can fight back when Wells Fargo and others rip us off with their reckless or illegal practices.
The CFPB’s proposal is a crucial step to ensure American constituents, such as servicemembers on active duty, can fight back when they face financial fraud and abuse.
Please contact your U.S. Representative and tell them (Suggested Script):
My name is ____. I’m a constituent, and I’m calling to urge [Rep.___] to support the CFPB arbitration rule and oppose any Congressional Review Act resolution that would repeal it. Forced arbitration clauses and class action bans block Americans’ day in court. The CFPB rule restores our constitutional right to band together. The rule restores the right of servicemembers to enforce laws that protect their financial wellbeing when they are on active duty. Does [Rep.___] support the arbitration rule? I urge [Him or Her] to support the rule and vote NO on a CRA.
Industry lobbyists are fighting tooth and nail to repeal the rule. We must fight to keep the critical rights that finally have been restored.
Thanks for joining the fight.