READ AND WATCH THE REVELATIONS INSIDE INFOWARS.COM TO KNOW WHO IS AFRAID OF MR. TRUMP. WHY THE ESTABLISHMENT IS IN TOTAL PANIC. AND WHO IS EXERCISING CENSORSHIP ON THE MEDIAS. WATCH THE INQUISITORIAL SYSTEM – PRISONPLANET.COM
And so many others, on this Wednesday night.
LAW AND ORDER
End big banks’ license to steal
We should have a right hold Wall Street accountable in court when it breaks the law. Submit your public comment to the CFPB: Ban sneaky “forced arbitration” clauses now!
If you have a credit card, checking account, or student loan, chances are you’ve already signed away your right to challenge your bank’s misconduct in court.
For years, Wall Street has slipped “forced arbitration” clauses into the fine print of financial contracts. These clauses quite literally sign away our right to challenge banks’ abusive practices in court.
Even when big banks are clearly doing something illegal – like when Wells Fargo opened fake accounts in existing customers names and then charged them fees on those fake accounts1 – these ripoff clauses let banks off the hook.
Thankfully the Consumer Financial Protection Bureau (CFPB) – the watchdog agency designed by Elizabeth Warren – proposed a new rule to end this get of jail free card for banks and lenders.
But the rule is not yet final and this is the LAST WEEK to challenge industry lobbyists who are fighting tooth-and-nail to stop any CFPB action against forced arbitration.
Tell the CFPB: Ban corporate ripoff clauses and end forced arbitration now!
Rather than allowing consumers to sue big banks for wrongdoing, these forced arbitration clauses allow banks and lenders choose a private firm to decide the outcome.
Big banks basically control the results of arbitration by picking and choosing what rules apply and how much it will cost consumers – leaving consumers virtually powerless to appeal a bad decision.
The CFPB’s proposal would restore consumers’ right to join together to take on banks’ abuses in class action lawsuits – a right favored by 63% of American voters, regardless of political leaning.2
Banks and lenders aren’t going to like this: With a strong final rule, we can stop them from making millions by cheating consumers – and getting away scot-free.
The CFPB’s proposed rule is the first step to killing the ripoff clause once and for all, and this week is our LAST CHANCE to make our voices heard.
Tell the CFPB: Take away Wall Street’s license to steal. No more ripoff clauses!
Thanks for taking action – be sure to share this action with your friends!
1. Politico, “End forced arbitration,” April 26, 2016.
2. Lake Research Partners, “Polling Memo: Strong bipartisan support to allow class action lawsuits against banks,” July 6, 2016.
On the same topic.
Think consumers should be able to sue corporations that have wronged them? Today’s the day to speak up.
Buried in many contracts you’ve signed — for loans, credit cards, and even Pokémon Go — you’ll find a “ripoff clause” in the very, very, very fine print.(1) These clauses stop consumers from banding together in a class action lawsuit to protest unfair fees, seek damages due to dangerous products, or otherwise object to wrongdoing. As pointed out in the New York Times, “Without the ability to pool resources, most people abandon their claims and never make it to arbitration.”(2)
When companies are allowed to ban class action suits and force independent arbitration, or the use of a private mediator, they have little motive to behave fairly and responsibly. If they are unlikely to be held accountable when they break the law, why not cut corners and charge bogus fees to drive up profits?
Let the Consumer Financial Protection Bureau (CFPB) know that you stand firmly against forced arbitration “ripoff clauses. »
When challenged for wrongdoing under the current rules, corporations get to appoint a private mediator of their own choosing to hear and settle the case. Without a fair hearing in front of an impartial judge or jury, consumers often find they are unable to have their case heard and usually have no ability to challenge an unfair or illegal decision.
The CFPB is an independent watchdog agency, designed by Senator Elizabeth Warren (D-MA), that protects consumers from banks and lenders. The CFPB recently proposed a rule that would put an end to many forced arbitration practices by allowing consumers to work together and bring class action lawsuits against banks and corporations.
We know that the financial industry and other large corporations will do everything they can to prevent this rule from passing. They stand to lose billions if consumers can band together and hold them accountable for wrongdoing, so we know they’ll fight tooth and nail to prevent this rule from passing.(3) We can’t let them continue to cheat and steal from consumers.
Join us by adding your opinion to the public record now. Click here to tell the CFPB to restore our right to hold big banks accountable when they break the law.
Because of the current rules that allow banks to avoid courts and force consumers into private arbitration instead, consumers seldom get a fair settlement.(4) When the CFPB studied the impact of forced arbitration, they found that, in 2010 and 2011, only 9% of consumers who brought valid claims got relief — recovering an average of 12 cents per dollar claimed.(5) This is highway robbery!
CFPB Director Richard Cordray explains “Many banks and financial companies avoid accountability by putting arbitration [« ripoff »] clauses in their contracts that block groups of their customers from suing them. Our proposal seeks comment on whether to ban this contract gotcha that effectively denies groups of consumers the right to seek justice and relief for wrongdoing.”(6)
Many ripoff clauses even ban consumers from talking about what happened to them — which means that the public often never learns about corporate scams or fraud. This should not be legal.
Consumers should never have to trade in their right to join together in court just to access basic products and services. We need you to weigh in and tell the CFPB to ban “ripoff clauses.” Submitting a public comment is as easy as clicking here.
Yours in the fight,
Caitlin, along with Annie, Eddie, Emma, Ernesto, Katie, Kelsey, Laura, Lindsay,
Moonyoung, Scottie, and Tim (the Courage team)
NEWS OF OUR REVOLUTION.
August 24: Our first big event