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CU letter to the House urging support for the CFPB’s forced arbitration rule

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Consumers Union, the policy and mobilization arm of Consumer Reports, urges House members to support the new Consumer Financial Protection Bureau’s rule to restore the rights of consumers to hold payday lenders, credit card companies, and other financial companies accountable under the law when they commit widespread wrongdoing, such as the fraud perpetrated by Wells Fargo on millions of its unsuspecting customers. This important, long-awaited rule stops lenders from forcing consumers to take their claims individually to private arbitration when they would prefer to join together in a class action in court under established legal procedures.

Contrary to what many opponents of this rule are claiming, this rule is a measured and thoroughly considered response to the growing problem of forced arbitration, in which consumers sign away their legal rights just by signing up for a loan or financial service – often unknowingly agreeing to a paragraph hidden in the fine print, and always without having any choice in the matter.

For the full letter, please click here.

 

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