How to Help Protect Consumers' Day in Court
No, wait, you should keep reading.
Most big banks and corporations don’t want you to have your day in court when something goes wrong.
So they frequently stick "forced arbitration clauses" in the fine print of those thick disclosures you can’t decide whether to throw away or recycle.
Those clauses basically say you can’t join together with other consumers to sue a bank or company that harms you.
It’s like a get out of jail free card for the companies. In fact, the Monopoly Man (hi Amanda Werner!) made that very point at a recent Congressional hearing starring former Equifax CEO Richard Smith.
The bad news: the Republican majority in Congress is trying to immediately overturn the CFPB’s rule.
How to help fix the fine print
Better yet: call your Senator (202.224.3121) and urge them not to vote for the rollback of the CFPB's arbitration rule.
Follow Americans for Financial Reform's Amanda Werner (aka the Monopoly Man) on Twitter.
BTW: are you having a problem with a bank or financial company? The CFPB might be able to help. You can file a complaint at www.consumerfinance.gov or 855.411.CFPB. The CFPB can help with problems with mortgages, student loans, auto loans, payday loans, debt collection, credit reporting, bank accounts, prepaid cards, remittances, and more. The CFPB call center provides support in 180+ languages.