|Subject:||get out of jail free|
|Date:||Fri, 20 Oct 2017 15:45:53 -0400 (EDT)|
|From:||Robert Weissman, Public Citizen <firstname.lastname@example.org>|
The Monopoly Man recently stole the show at a U.S. Senate hearing on Equifax’s misdeeds to share an urgent message:
Financial companies are using the fine print in consumer contracts to obtain a monopoly over our justice system.
Amanda Werner — who coordinates our forced arbitration campaign — sat behind the Equifax CEO at the hearing and became an overnight national folk hero.
Over and again, Amanda explained that regular people — like those harmed by Equifax or scammed by Wells Fargo — can’t seek justice in a public court.
They are instead shuffled into secret arbitration proceedings where the deck is stacked against them.
The Consumer Financial Protection Bureau (CFPB) put an end to that rigged game by restoring consumers’ right to join together and hold bad actor companies accountable.
But before the ink was even dry on its new rule, members of Congress moved to repeal this important consumer protection — handing a virtual get-out-of-jail-free card to companies engaged in financial scams.
In forced arbitration, consumers’ chances of holding a company that wrongs them accountable plummet.
Not only are they barred from joining other consumers in a class-action lawsuit, but the corporation also gets to handpick the private arbitration firm that decides their case.
The average consumer forced into arbitration is ordered to pay their bank or lender more than $7,700.
President, Public Citizen
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