CFPB to Rein In Forced Arbitration
90 days. 90 days until consumers might regain vital protections against powerful corporations.
Last Thursday, the Consumer Financial Protection Bureau proposed rules to prohibit dangerous class-action bans buried in credit card, banking, and loan contracts.
Protected by “gotcha” provisions, banks and credit card companies can steal small sums from millions while preventing consumers from holding them accountable in court. This system, called forced arbitration, pits David against Goliath, and with the ban on class actions, plucks the slingshot from David’s hand.
The CFPB proposal would give consumers a fighting chance.
Now, the proposal is on hold in a 90-day comment period. Consumers groups across the country - including Texas Watch - have lauded the bureau’s proposal to rein in forced arbitration.
Along with the Editorial Board of the New York Times.
But, how are the banks, credit card companies, and lenders responding to the proposed rule? With insults and a distinct lack of substance.
Join the voices fighting for the rights of consumers. Say yes to the CFPB proposal to end the #ripoffclause!