When you open an account, many banks require you to sign away your right to sue them -- or to join others in a class action lawsuit -- if something goes wrong. These “forced arbitration” clauses are often tucked away in long contracts. They say that if you have an issue with your bank, you have to go through a private arbitration service to handle your dispute. All too often, these private services stack the deck in the favor of banks, and customers are left with no other recourse.
This summer, the Consumer Financial Protection Bureau finalized a new rule prohibiting banks from taking away your right to hold them accountable in court. That was a huge step forward. But now some in Congress want to overturn that protection.
A Senate vote is expected to come up this week, and we need to make sure this important new rule is not overturned.
Tell your Senators to vote NO on repealing the CFPB’s new rule protecting our right to make sure banks and other financial institutions that mistreat us can be held to account under the law.
Sincerely,[Your Name] [Your Address] [City, State ZIP]
If you take action and have not already registered, you will receive periodic updates and communications from Consumers Union Advocacy.
Consumers Union (CU) is an expert, independent, nonprofit organization whose mission is to work for a fair, just and safe marketplace for all consumers and to empower consumers to protect themselves.