Forced Arbitration Archives - Page 2 of 5 - Americans for Financial Reform

AFR in the News: Lawmakers Just Made It Nearly Impossible to Sue Companies Like Equifax and Wells Fargo (Money Magazine)

“‘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)

“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.’”

Archie and Gwen: How Wells Fargo Took Their Rights Away

AFR Statement: Stories of Wells Fargo Victims Drive Home Injustice of Forced Arbitration

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.

Amanda Werner of Americans for Financial Reform and Public Citizen sits in costume behind Richard Smith, former chairman and chief executive officer of Equifax Inc., right, before a Senate Banking Committee hearing in Washington, D.C., U.S., on Wednesday, Oct. 4, 2017. Lawmakers grilled Smith on Tuesday after hackers attacked the company's systems and got access to sensitive information for 145.5 million Americans. Photographer

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

“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

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)

“[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)

“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

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.