7/24: Interference with Consumer Financial Protection Bureau “Arbitration Rule”
The Consumer Financial Protection Bureau finalized a rule to prohibit banks and lenders that break the law from stripping customers of the right to join together and hold them accountable in class action lawsuits. The CFPB rule fulfills a Congressional directive in Dodd-Frank tasking it to study forced arbitration, and to restrict or ban forced arbitration if it harms consumers. http://www.fairarbitrationnow.org/wp-content/uploads/2016/05/Fact-Sheet-CFPB-Arb-Rule.pdf
CFPB’s new arbitration rule will make it easier for consumers to file or join an existing group lawsuit if they are harmed by a financial service provider, such as a bank or credit card company.
HOUSE OR SENATE BILL #:
H.J.Res. 111 (House) & S.J.Res. 47 (Senate) – Bills are being rushed through both House and Senate for a vote early in the week (7/24 – 7/25)
Call or Write
SUGGESTED MEMBER SCRIPT:
SCRIPT FOR REP TIPTON: Hi! I’m _ NAME__from _ZIP_ . I urge you to leave the “Arbitration Rule” in place and let the CFPB protect my rights to join a class action suit with other consumers without interference by mandatory arbitration, where I could only proceed alone. Please vote “NO” on House Joint Resolution 111.
SCRIPT FOR SENATORS BENNET AND GARDNER: Hi! I’m _ NAME__from _ZIP_ . I urge you to leave the “Arbitration Rule” in place and let the CFPB protect my rights [same as above] without interference. Please vote “NO” on Senate Joint Resolution 47.
WHO MEMBER IS TO CONTACT:
US SENATE / US HOUSE
Senator Michael Bennet (970) 259-1710 (Durango) (202) 224-5852 (DC Office) www.bennet.senate.gov
Senator Cory Gardner (970) 415-7416 (Durango) (202) 224-5941(DC Office) http://www.gardner.senate.gov
Representative Scott Tiptom (970) 259-1490 (Durango) (202)225-4761(DC Office) https://tipton.house.gov/contact-me
WHEN IS MEMBER TO CALL OR WRITE:
WHY THIS IS IMPORTANT:
People should be treated fairly by financial institutions.
For further information, click on link: http://rulesatrisk.org/arbitration-rule/