AAJ Response to U.S. Senate Voting to Wipe Out CFPB Rule Limiting Forced Arbitration
Fate of Important CFPB Protection Decided by Vice President Pence’s Tie-Breaking VoteOctober 24,2017
Washington, DC — The following is a statement from American Association for Justice (AAJ) CEO Linda Lipsen in response to the U.S. Senate voting tonight (S.J. Res. 47) to overturn the Consumer Financial Protection Bureau (CFPB) forced arbitration rule:
“Tonight was a bad night for the Constitution and for the American consumer. The Senators who voted to overturn the CFPB rule on forced arbitration decided to protect big banks and corporations like Wells Fargo and Equifax that prey on their customers to increase their profits. Without the CFPB rule, consumers can be forced into a rigged system where they have no recourse. It’s a disgrace.
“The fight to protect the rights of consumers doesn’t end here. Too many military families have been targeted by scams, too many seniors have been taken advantage of, and too many harassed workers have been silenced in the workplace. Congress should be doing everything in its power to protect these people, instead of the big banks and corporations that continue to rip off their customers knowing that they can’t be held accountable in court.”