Civil and Human Rights Coalition Condemns Effort to Strip Consumer Rights by Repealing CFPB Arbitration Rule

Categories: Economic Security, Press Releases

For Immediate Release
Contact: Shin Inouye, 202.869.0398, inouye@civilrights.org

WASHINGTON—In response to the introduction of the Congressional Review Act (CRA) resolution to repeal the Consumer Financial Protection Bureau’s (CFPB) recently finalized arbitration rule, Vanita Gupta, president and CEO of The Leadership Conference on Civil and Human Rights, issued the following statement:

The Consumer Financial Protection Bureau’s recent arbitration rule helps consumers hold big banks and other financial companies accountable in court when they break the law. The arbitration rule makes it harder for companies to bury language deep in contracts that strips customers of their rights. It helps everyone, but is especially important for communities of color and students.

But some in Congress are in a desperate rush to undo this arbitration rule, and to force people into secretive, rigged proceedings when they have been ripped off by banks, credit card companies, student loan lenders, and other financial institutions. Members of Congress must decide whether they will take a stand in favor of their constituents, or make it easier for big banks, payday lenders, and other powerful industries to continue breaking the law.”

Note: Earlier this month, The Leadership Conference applauded the final rule when it was announced by CFPB. Read that statement here.

The Leadership Conference on Civil and Human Rights is a coalition charged by its diverse membership of more than 200 national organizations to promote and protect the rights of all persons in the United States. The Leadership Conference works toward an America as good as its ideals. For more information on The Leadership Conference and its 200-plus member organizations, visit www.civilrights.org.