Senate Votes to Repeal CFPB’s Rule on Forced Arbitration
WASHINGTON, D.C. – Late this evening, Allied Progress released the following statement after Vice President Mike Pence broke a tie vote in the Senate to repeal the Consumer Financial Protection Bureau’s (CFPB) rule on forced arbitration. The rule would have protected consumers who 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.
“Today, Senate Republicans voted to give companies like Wells Fargo and Equifax a get out of jail free card. This repeal will hurt millions of consumers across the country by denying them their rightful day in court when they get screwed over by financial predators,” said Karl Frisch, executive director of Allied Progress.
He continued, “It’s clear why Senate Republicans passed this bill, because they care more about the big banks and financial institutions that have funded their campaigns than protecting consumers.
This year, Allied Progress has fought to uphold the CFPB’s arbitration rule by releasing research supporting the rule, placing targeted ads in key states and educating consumers and reporters on the facts behind the arbitration rule.
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