Funder Briefing call with Senator Al Franken on Forced Arbitration
Please join the Neighborhood Funders Group
A Tele-Briefing for Funders
Student debt collections, bad car loans, and more --the fight to protect consumers from being ripped off and trapped in a cycle of debt and poverty isn’t over yet. And now what’s at stake is whether consumers will have the power to seek justice from predatory and abusive companies.
Buried in the service terms of credit card and checking accounts, student loans, retirement accounts, automobile loans, and other financial contracts are clauses that bar individuals from suing companies that wrong them. These forced arbitration provisions have become the single most important tool for banks and financial service providers to escape accountability and liability for cheating consumers.
Is help on the way? Congress gave the Consumer Financial Protection Bureau (CFPB) the authority to end forced arbitration, and the agency is poised to act. If and when the CFPB moves on this issue, though, the response will be a major attack from industry. What new policies might be on the way, and will the voices of working families be heard once the financial industry fights back?
Questions about this briefing? Contact RShull@publicwelfare.org.
Please note that this briefing is for funders only.
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