Hotspring 44
03-12-2015, 05:05 PM
CFPB: Ban Wall Street's License to Steal! (https://other98.com/cfpb-ban-wall-streets-secret-weapon?source=direct_link&referrer=alexis-goyo)
Some info about it from the petition page:
Big Banks have a secret weapon called “forced arbitration” that denies us our day in court if they rip us off.
Luckily, we’ve got a secret weapon of our own: the Consumer Financial Protection Bureau (CFPB). The CFPB can revoke Wall Street’s License to Steal, and we’re demanding they use their power to protect us.
Last year, over 100,000 of us signed petitions calling on the megabanks to give up their use of forced arbitration. We delivered those petitions to the Big Bank’s headquarters; they failed to respond.
So now we’re taking our fight to Washington, D.C., and the one agency that can protect us: Elizabeth Warren’s brainchild, the CFPB.
Please join our call to the CFPB to put an end to Wall Street’s license to steal once and for all. Wall Street has been above the law for too long. It’s time they were held accountable.
What is forced arbitration?
Buried in the fine print of customer contracts, forced arbitration clauses block consumers from going to court if the bank does something wrong.
With forced arbitration, instead of going through the courts, customers must plead their cases to a private arbitrator who doesn’t even have to follow the law. The arbitrator’s decision is almost impossible to appeal, and any evidence of corporate wrongdoing remains secret.
It gets worse: unlike judges, arbitrators are chosen by your bank, and are not subject to the same rules as a court of law. That means they’re much more interested in the bank’s bottom line than in justice.
Finally, forced arbitration also prevents you from bringing a class action lawsuit against the bank. Even if your bank screws over thousands of people, you’re totally on your own when it comes to fighting for justice.
Further Reading
1. Jonnelle Marte, “Why it’s nearly impossible for you to sue your credit card company,” The Washington Post. https://wapo.st/1EMA0gg
2. Adam Levitin, “Mandatory Arbitration Offers Bargain-Basement Justice,” American Banker. https://bit.ly/1NBwA41
3. Fair Arbitration Now, “Common Questions,” https://bit.ly/1AbBEmk
Link to Petition:
https://other98.com/cfpb-ban-wall-streets-secret-weapon?source=direct_link&referrer=alexis-goyo
Some info about it from the petition page:
Big Banks have a secret weapon called “forced arbitration” that denies us our day in court if they rip us off.
Luckily, we’ve got a secret weapon of our own: the Consumer Financial Protection Bureau (CFPB). The CFPB can revoke Wall Street’s License to Steal, and we’re demanding they use their power to protect us.
Last year, over 100,000 of us signed petitions calling on the megabanks to give up their use of forced arbitration. We delivered those petitions to the Big Bank’s headquarters; they failed to respond.
So now we’re taking our fight to Washington, D.C., and the one agency that can protect us: Elizabeth Warren’s brainchild, the CFPB.
Please join our call to the CFPB to put an end to Wall Street’s license to steal once and for all. Wall Street has been above the law for too long. It’s time they were held accountable.
What is forced arbitration?
Buried in the fine print of customer contracts, forced arbitration clauses block consumers from going to court if the bank does something wrong.
With forced arbitration, instead of going through the courts, customers must plead their cases to a private arbitrator who doesn’t even have to follow the law. The arbitrator’s decision is almost impossible to appeal, and any evidence of corporate wrongdoing remains secret.
It gets worse: unlike judges, arbitrators are chosen by your bank, and are not subject to the same rules as a court of law. That means they’re much more interested in the bank’s bottom line than in justice.
Finally, forced arbitration also prevents you from bringing a class action lawsuit against the bank. Even if your bank screws over thousands of people, you’re totally on your own when it comes to fighting for justice.
Further Reading
1. Jonnelle Marte, “Why it’s nearly impossible for you to sue your credit card company,” The Washington Post. https://wapo.st/1EMA0gg
2. Adam Levitin, “Mandatory Arbitration Offers Bargain-Basement Justice,” American Banker. https://bit.ly/1NBwA41
3. Fair Arbitration Now, “Common Questions,” https://bit.ly/1AbBEmk
Link to Petition:
https://other98.com/cfpb-ban-wall-streets-secret-weapon?source=direct_link&referrer=alexis-goyo