In New Ad, Chamber of Commerce Uses Wall Street Talking Points and Outright Falsehoods to Attack CFPB and Forced Arbitration Rule
WASHINGTON, D.C. – On Thursday, the Chamber of Commerce posted to its YouTube channel a dishonest and factually inaccurate new ad attacking the Consumer Financial Protection Bureau’s (CFPB) recently issued rule cracking down on forced arbitration clauses in financial contracts. The rule, finalized earlier this month, prohibits banks from taking advantage of consumers by denying them their constitutional right to have their day in court and instead forcing them to bring any grievances to secret arbitration tribunals where big banks and financial interests call the shots.
“Washington lobbyists and Wall Street special interests are doing everything they can to stop this rule. Why? Because it gives power back to consumers. The Consumer Financial Protection Bureau is empowering Americans to take action when they are taken advantage of by big banks like Wells Fargo and other financial predators. This attack by the Chamber is as desperate as it is misleading. It is nothing more than an attempt to protect a status quo where consumers get the shaft while the bank executives line their pockets,” said Karl Frisch, executive director of Allied Progress.
He continued, “The claims made in the Chamber’s ad are demonstrably false. This rule doesn’t limit consumer choices, it increases them. No longer will consumers be forced into secret arbitration tribunals where big banks call the shots. Now they have a real choice – go to arbitration or band together with other consumers and go to court. Perhaps the folks at the Chamber need to cut back on the coffee and focus on getting their facts straight.”
For more information, read the Allied Progress fact check of this ad – CLICK HERE.
To speak with Karl Frisch about the Chamber of Commerce’s new ad, please contact Tucker Middleton at 202-644-8526 or firstname.lastname@example.org.
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