Petition to Congress:
The Consumer Financial Protection Bureau's rule blocking banks and credit card companies from using forced arbitration "ripoff clauses" is a major victory for consumers, ensuring cheated customers can hold large corporations accountable in court for wrongdoing. Please reject any attempt to use the Congressional Review Act or other mechanism to undermine the CFPB's arbitration rule.
In a HUGE win for consumers, the Consumer Financial Protection Bureau (CFPB) released a rule this month banning banks and credit card companies from exploiting the "ripoff clause" big banks use to avoid accountability after cheating their customers.
But it's driving Wall Street lobbyists crazy – so their servants in Congress are racing to try to repeal the CFPB’s rule. A vote could come as early as Tuesday.
Sign the petition to tell Congress: Reject Wall Street’s attempt to re-legalize the ripoff clause, big banks’ license to steal.
Cooked up by Wall Street lawyers and hidden in the fine print of bank account and credit card contracts, the ripoff clause blocks customers cheated by their bank from seeking justice in court.
Instead, the customer is forced into “arbitration,” a shadow court system. Amazingly, the company gets to choose who makes the ruling – so unsurprisingly, the corporation wins 93% of the time.1
The ripoff clause also bans cheated customers from banding together. Banks know someone they scam out of $50 will never be able to pay a lawyer to get it back. So they can rip off hundreds, thousands, or millions at time, raking in illicit profits.
(After the massive Wells Fargo fake accounts scandal Wells Fargo used the ripoff clause to dramatically lower the amount they gave back to customers).
Sign here to tell Congress: Reject Wall Street’s attempt to re-legalize the ripoff clause, big banks’ license to steal.
Sources:
1. Alliance for Justice, “Some good news on arbitration,” July 23, 2015.