Multi-State Ads Launched: Equifax Scandal Highlights Need to Protect CFPB’s Arbitration Rule
Ads Will Air in Alaska, Maine, and Ohio Urging Senators to Stand Up for Consumers, Not Big Banks and Financial Interests
Alaska Version | Maine Version | Ohio Version
WASHINGTON, D.C. – Today, Allied Progress announced a 3-state ad buy aimed at blocking an effort by industry-backed Republicans in Congress to repeal the Consumer Financial Protection Bureau’s (CFPB) rule protecting Americans from forced arbitration. The 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-stacked panels call the shots and consumers hardly stand a chance.
The television and digital ad campaign comes just days after one of the largest data breaches in U.S. history, and uses the ensuing scandal surrounding Equifax to illustrate the importance of the CFPB’s rule. The spot, titled “Fine Print,” will run in Alaska, Maine, and Ohio, and will call on Senators Lisa Murkowski, Susan Collins, and Rob Portman to oppose S.J. Res. 47, legislation that would repeal the CFPB’s rule on forced arbitration. It encourages viewers to visit EndForcedArbitration.org or call 1-866-776-2372 to contact their Senators and urge them to oppose repeal.
“Equifax’s botched attempt to force millions of consumers into arbitration after exposing their most personal information in a devastating data breach shows exactly why the Consumer Financial Protection Bureau’s rule is so important. More than just putting the wellbeing of their constituents in jeopardy, if Senate Republicans are successful in their attempt to repeal the CFPB’s rule, they will encourage even more reckless behavior by the Equifax’s and Wells Fargo’s of the world,” said Karl Frisch, Executive Director of Allied Progress.
“The CFPB’s arbitration rule has broad support because it gives consumers a choice. They can stick with arbitration or band together and go to court when they are screwed over by big banks and powerful financial corporations. We are hopeful that when Senators Murkowski, Collins, and Portman hear from their constituents about this issue, they will do the right thing and reject efforts to repeal these important protections,” he continued.
Conservative support for repealing the rule may be waning — it continues to lose support among conservative groups and Sen. Lindsey Graham (R-SC) has announced his opposition to repeal.
The 24 initial Senate co-sponsors the repeal effort have taken more than $100 million from the financial sector over the course of their careers, according to an analysis by Public Citizen.
To speak to Karl Frisch about the ad campaign or “Fine Print,” please contact Annette McDermott at 404-545-7558 or annette@alliedprogress.org.
Script for “Fine Print” – 30 Seconds
“It’s hidden in fine print. In loan and credit contracts. Big corporations like Equifax got caught trying to sneak it past you. To strip away your rights, and avoid accountability. It’s called forced arbitration…and Wall Street wants Washington to make it permanent. Lobbying to overturn tough new rules. But when it comes to the fine print, she may have the final say. Senator Murkowski can protect Alaska consumers. Her vote can end forced arbitration. Period.”
# # #
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.