CFPB Must Act to Restore Wall Street Accountability by Stopping Forced Arbitration
Washington, DC — The following is a statement from American Association for Justice President Lisa Blue on the Consumer Financial Protection Bureau’s (CFPB) release of its study on forced arbitration.
"Forced arbitration is among the most serious threats to Americans’ financial security, and has denied justice to countless victims of Wall Street’s unscrupulous behavior.”
We applaud the Consumer Financial Protection Bureau for bringing this abusive practice to light with the release of its study, and we urge the Bureau to exercise the authority to act in the public’s interest and prohibit forced arbitration in consumer financial services and products.”
For too long, Wall Street has been able to cheat, steal from, and harass American consumers without ever being held accountable by the very people who keep them in business – and completely evade crucial consumer protection laws that are designed to ensure even the most powerful financial institutions follow the rules.”
By hiding forced arbitration clauses in the fine print, Wall Street has been able to keep this abusive practice out of the public eye. Now, nearly every American has had their rights eliminated by forced arbitration when they engage in ordinary business such as use credit cards, buy a cell phone, visit websites, start a new job, enroll their children in camps, and even admit a loved one into a nursing home.”
The American Association for Justice works to preserve the constitutional right to trial by jury and to make sure people have a fair chance to receive justice through the legal system when they are injured by the negligence or misconduct of others—even when it means taking on the most powerful corporations. Visit http://www.justice.org.