WASHINGTON, D.C. – This afternoon the U.S. Chamber of Commerce filed suit against the Consumer Financial Protection Bureau (CFPB) to block the Bureau’s new rule ending forced arbitration. The suit comes after Senate Republicans failed to muster the votes to repeal the measure this week, though the window for repeal does not close until early November. Allied Progress released the following statement from its executive director, Karl Frisch:
“Even Alanis Morissette couldn’t handle this much irony. The idea that the Chamber and big banking interests would take the CFPB to court to stop consumers from going to court when they’re screwed over by big banks, reeks of desperate hypocrisy. The fact is that the Chamber is fighting to deny consumers the right to take financial institutions – like Equifax and Wells Fargo – to court for wrongdoing. They are dead wrong and they deserve to be called out.”
The CFPB’s forced arbitration rule protects consumers that have been taken advantage of by big banks and other financial interests from being forced into secret arbitration tribunals where industry calls the shots and consumers hardly stand a chance.
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Allied Progress uses hard-hitting research and creative campaigns to stand up to Wall Street and powerful special interests and hold their allies in Congress and the White House accountable.