The National Association of Consumer Advocates (NACA) and the National Consumer Law Center (NCLC), on behalf of their low-income clients, urge you to sign this petition to tell five of America’s biggest banks to stop hiding behind forced arbitration clauses that block consumers from going to court to enforce their legal rights.
Wall Street banks JP Morgan Chase, Citigroup, Wells Fargo, US Bancorp, and PNC Financial have been granted a license to steal and violate the law. It’s called forced arbitration. Buried in the fine print of many bank and credit card contracts are dangerous forced arbitration clauses that eliminate access to justice and replace it with a secretive tribunal designed to favor Wall Street. Most forced arbitration clauses also prevent you from banding together with other customers to hold companies accountable for deceptive, fraudulent and other harmful practices. Let’s put these banks on final notice to stop forced arbitration!
Making our voices heard on this issue can make a difference in more than one way. The Consumer Financial Protection Bureau (CFPB) is studying the impact of forced arbitration and has the authority to restrict or even ban the practice if it finds evidence of harm. Joining in this action is one way to let the CFPB as well as the banks know that we think forced arbitration is a license to steal and needs to stop.