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AFR Statement: House Lawmakers Voting to Roll Back CFPB Forced Arbitration Rule Defy Public Sentiment

Submitted by on July 25, 2017 – 11:49 am
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FOR IMMEDIATE RELEASE

CONTACT
Carter Dougherty
carter@ourfinancialsecurity.org
(202) 869-0397

New Poll Shows Strong Support for CFPB Rule Curbing Forced Arbitration

As the House prepares to vote on rolling back a new rule restricting forced arbitration, a new poll from Americans for Financial Reform and the Center for Responsible Lending shows strong, bipartisan support for keeping the measure in place.

In a tough test for the public’s view of the rule, likely voters were asked if the rule helps hold companies accountable, or whether it encourages frivolous lawsuits. Sixty-six percent of those surveyed approved of the rule, with 77 percent of Democrats, 68 percent of Independents and 55 percent of Republicans in favor. Support was broadly consistent across regions.

“The American public gets the essence of the problem, namely that forced arbitration robs people of their day in court, letting companies break the law with impunity,” said Lisa Donner, executive director of Americans for Financial Reform. “A vote to roll back this rule puts lawmakers squarely on the side of Wells Fargo and predatory lenders who want to be able to rip off their customers and then rely on forced arbitration as a get-out-of-jail-free card.”

A memo on the forced arbitration issue can be found here. A memo — and toplines — full poll, which covers a broad range of issues in financial regulation, was conducted in June by Lake Research Partners and Chesapeake Beach Consulting and can be found here.

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