Why Sen. Collins Voted to Give Companies like Wells Fargo and Equifax a Free Pass on Bad Behavior

Maine Senator Had 3.5 Million Reasons to Gut CFPB’s Rule on Forced Arbitration and None Were a Benefit to Consumers

WASHINGTON, D.C. – Following yesterday’s late-night vote in the Senate to repeal the Consumer Financial Protection Bureau’s (CFPB) rule protecting consumers from forced arbitration, many are left wondering why Sen. Susan Collins (R-ME) sided with big banks and bad actors like Wells Fargo and Equifax over Maine consumers.

The deciding vote (the Senate voted 50-50 and Vice President Mike Pence broke the tie), Collins was publicly undecided on the issue for weeks, refusing to divulge how she planned to vote. Last night she made no speech during debate on the repeal legislation. Today she has yet post a statement on her official website or social media accounts.

It turns out, Sen. Collins had 3.5 million reasons to strip Mainers of their right to take big banks and other financial predators to court when they are screwed over.

Collins Has Taken $3.5 Million from the Financial Industry and Thousands from Scandal-Ridden Equifax and Wells Fargo — Each Company Opposed the CFPB’s Rule and Used Forced Arbitration When Massive Data Breaches and Systemic Fraud Were Uncovered.

How Forced Arbitration Impacts Maine:

To speak with Karl Frisch about the CFPB’s arbitration rule, please contact Annette McDermott at 202-697-4804 or annette@alliedprogress.org.

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