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AFR Statement: House Vote on CFPB Forced Arbitration Rule a Victory for Big Banks and Predatory Lenders

Submitted by on July 25, 2017 – 5:25 pm
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FOR IMMEDIATE RELEASE

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

AFR Condemns House Vote to Roll Back CFPB Rule Curbing Forced Arbitration

“Members of Congress who voted to roll back this rule have thrown in their lot with Wall Street banks and predatory lenders, who all want to be able to rip off their customers, and then use forced arbitration as their get-out-of-jail-free card, so they can keep profiting from illegal actions,” said Lisa Donner, executive director of Americans for Financial Reform. “They voted for denying Americans the right to take a bank to court if they have been defrauded.”

In a tough test for the public’s view of the rule, likely voters were asked in a recent poll 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.

A memo on the forced arbitration issue can be found here. The 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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