The Consumer Financial Protection Bureau (CFPB) has been conducting field hearings and studies addressing the subject of forced arbitration. The arbitration clauses forced on consumers in most all types of transactions have been creating problems for the past two decades. The following is a statement from American Association for Justice (AAJ) President Burton LeBlanc relating to this practice:
Forced arbitration puts Americans’ financial security at risk. By removing access to justice, it allows Wall Street banks to evade accountability and grants them a license to steal and violate the law. As the CFPB study indicates, the ultimate result of forced arbitration is a get-out-of-jail-free card for Wall Street. This demonstrates that forced arbitration is nothing more than a way to eliminate Americans’ access to justice.
Over 17,000 consumers have signed a petition calling on the CFPB to revoke Wall Street banks’ license to steal by stopping the used of forced arbitration clauses in financial products. We applaud the CFPB for taking the first steps to protect Americans’ financial security. If banks are not accountable, all Americans’ financial security is at risk. Accountability must be restored.
The Association has worked long and hard in the fight against forced arbitration. Hopefully, this consumer issue will be addressed in political races this fall, especially those involving congressional seats. I believe that making forced arbitration an issue will be well received by the voters around the country.
Source: AAJ News Release
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