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Articles tagged with: Forced Arbitration

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.’”

AFR Statement: Wells Fargo’s Latest Attempt to Get Away with Fraud
August 24, 2017 – 1:08 pm

“This Wells Fargo case is yet another demonstration of the harm consumers will suffer if Congress chooses to repeal the CFPB arbitration rule and restore banks’ ‘Get out of Jail Free card.,” said Lisa Donner, Executive Director for Americans for Financial Reform. “It is also yet another reminder why lawbreaking banks are pushing for the rule to be overturned: blocking consumers right to go to court makes it easier for them to rip people off.”

AFR in the News: Wells Fargo Scandal Helps Consumer Advocates in CFPB Rule Fight (Bloomberg BNA)
August 14, 2017 – 5:39 pm

“Consumer groups are invoking Wells Fargo as they seek to persuade a handful of Republican senators to help defeat a potential September vote on a resolution blocking the arbitration rule. ‘We’ve definitely pointed to Wells Fargo as pretty much the poster child for why we need this rule,’ Amanda Werner, campaign manager at consumer groups Americans for Financial Reform and Public Citizen, told Bloomberg BNA.”