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Articles tagged with: Forced Arbitration

Joint Statement: President Trump Signs Bill that Strips Choice to Seek Justice in Court
November 1, 2017 – 4:48 pm

“’President Trump had a clear choice to make today between Wall Street and the rest of us,’ said Amanda Werner of Americans for Financial Reform and Public Citizen. ‘He chose Wall Street. But the rest of us will keep fighting to restore our rights so we can fight back the next time a company like Wells Fargo or Equifax tries to rip us off and get away with it.’”

AFR in the News: Lawmakers Just Made It Nearly Impossible to Sue Companies Like Equifax and Wells Fargo (Money Magazine)
October 26, 2017 – 3:09 pm

“‘This vote marks a truly shameful moment in Congress,’ [AFR’s] Amanda Werner, who plays the Monopoly Man, said in a statement. ‘Just weeks after holding hearings on scandals of historic proportion, the Senate granted Equifax and Wells Fargo a Get Out of Jail Free card. Rather than pass meaningful legislation to help the 145 million Americans harmed by the data breach, a slim Republican majority chose to take away our only chance at holding financial giants accountable.’”

AFR in the News: Despite feud, Flake and Corker join Trump to upend a major consumer protection (Intercept)
October 25, 2017 – 2:58 pm

“The {Wells Fargo and Equifax) scandals put a human face on the practice of companies forcing customer disputes through a secret, non-judicial process… Americans for Financial Reform addressed this directly in a video featuring a woman with disabilities and a veteran, who were ripped off by Wells Fargo and then prevented from a day in court because of an arbitration clause. To pursue such cases, which typically involve small amounts of money, through arbitration, victims need to spend heavily on legal representation and hearings. As federal Judge Richard Posner of the 7th Circuit Court of Appeals once wrote in a ruling, ‘The realistic alternative to a class action is not 17 million individual suits, but zero individual suits, as only a lunatic or a fanatic sues for $30.’”

AFR Statement: Stories of Wells Fargo Victims Drive Home Injustice of Forced Arbitration
October 23, 2017 – 9:02 am

Americans for Financial Reform is stepping up its campaign in support of the consumer’s right to a day in court. A significant five-figure digital campaign targeting Maine, Alaska, Louisiana and Arizona will tell the stories of Hudson and Byrd, who were scammed by Wells Fargo – and left with no means of pursuing justice.

Monopoly Man Crashes Equifax Hearing to Protest Forced Arbitration
October 4, 2017 – 4:04 pm
Monopoly Man Crashes Equifax Hearing to Protest Forced Arbitration

Americans for Financial Reform and Public Citizen fought the attack on the Consumer Bureau’s rule to limit forced arbitration and class action bans by delivering mock “Get-Out-of-Jail-Free” cards to the Senate.

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In addition, Amanda Werner appeared at Wednesday morning’s U.S. Senate Banking Committee hearing on Equifax dressed as the billionaire Monopoly Man, and sat behind former CEO of Equifax Richard Smith as he gave testimony to the Senate Banking Committee.

Joint Letter: AFR and 16 groups urge “firm and assertive” action to guard consumers against credit-bureau abuses
October 4, 2017 – 10:25 am

“We write to express our grave concerns over [Equifax’s] slow response to the
breach and then its shifting, maddening, and ultimately inadequate response to consumers including
our members, clients and other constituencies. We write with several recommendations for what
Congress should and should not do in response.”

Joint Letter: Consumer Groups Applaud CFPB Review of Overdraft Fees, Oppose Senate Move Against Forced Arbitration Rule
September 29, 2017 – 1:36 pm

The Consumer Financial Protection Bureau’s review of unfair and abusive overdraft practices is complemented by its recent efforts to limit the use of forced arbitration, said five consumer groups in a joint letter sent today to Director Richard Cordray. U.S. Senate leadership is pushing for a vote this week on a Congressional Review Act (CRA) resolution to repeal a CFPB rule that restores consumers’ right to join together in court against banks and lenders.