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Articles tagged with: Forced Arbitration

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.

AFR in the News: Under cover of Graham-Cassidy, Senate GOP moving to gut major CFPB rule (Intercept)
September 26, 2017 – 9:36 am

“[E]xecutives for both Wells Fargo and Equifax… will testify in Senate committees next week. Both companies have used arbitration clauses in an attempt to deny consumers access to the courts… ‘This rush toward a vote in the Senate is a cynical attempt to roll back an important consumer protection before anyone gets straight answers from Equifax and Wells Fargo about the damage they’ve done to the financial lives of millions of Americans,’ said Lisa Donner, executive director of Americans for Financial Reform.”

AFR in the News: Before its massive data breach, Equifax fought to kill a rule allowing victims to sue (LA Times)
September 12, 2017 – 2:14 pm

“The regulation, issued by the Consumer Financial Protection Bureau on July 10 and scheduled to go into effect in mid-January, came under attack by Republicans in Congress ‘before the ink was even dry,’ says Amanda Werner of Americans for Financial Reform, which is fighting to retain the rule… Consumer privacy advocates hope that the Equifax debacle will remind senators of the importance of the rule. ‘We need to look at how consumers are going to be able to hold these firms accountable,’ Werner says.”

AFR Statement: Banks Require Forced Arbitration But Won’t Defend It Publicly
September 12, 2017 – 12:27 pm

Bankers response to Sen. Elizabeth Warren about use of forced arbitration and cite tired, old arguments. But they won’t say publicly they want the CFPB’s rule reversed.

AFR Statement: Equifax Data Breach Underscores Need to Curb Forced Arbitration
September 8, 2017 – 5:05 pm

Congress should preserve CFPB’s rule curbing forced arbitration and abandon attempts to lighten regulation of credit bureaus in the wake of massive data breach at Equifax.

Joint Press Release: Wells Fargo May Have Lied to Congress, Say 33 Groups led by AFR and Public Citizen
August 31, 2017 – 4:12 pm

“‘Wells Fargo used forced arbitration clauses and class-action bans to hide abuses and prevent its customers from securing justice or even realizing that problems the bank causes them are widespread,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘It now appears that they have also tried to hide the breadth of problems inside the bank, even in the face of direct questions from members of Congress. Leaders of the relevant committees should be demanding answers and further hearings to get them.’”