Congress To Block Consumer Protection Rule

A Congressional vote is expected as early as Tuesday, July 25, on a resolution to block a new rule issued by the Consumer Financial Protection Bureau (CFPB) that prohibits class action bans in forced arbitration clauses of consumer contracts.

The Consumer Financial Protection Bureau’s rule “would make it easier for consumers to file or join an existing group lawsuit if they are harmed by a financial service provider, such as a bank or credit card company”, according to a statement appearing on the Board’s website.

Action to prevent this consumer rule from going into effect is supported by Republicans on the House Financial Services Committee. The GOP’s bill, H.J. Resolution 111, sponsored by Rep. Keith Rothfus (R-PA) uses the Congressional Review Act (CRA) to repeal the Bureau’s rule.

What can you do to protect consumer rights and support the new protections against mandatory arbitration? You can take the following direct action, today:

  • Telephone Rep. Josh Gottheimer, who represents New Jersey’s 5th Congressional District and a member of the House Financial Services Committee. His Washington office number is 202-225-4465. We need as many calls as possible.
  • Ask,”Will the Congressman support ordinary New Jersey people hurt by bad actors and oppose any resolution to take away our day in court?”
  • Support the Consumer Financial Protection Bureau’s force arbitration rule, which restores our 7th Amendment right to our day in court when companies like Wells Fargo engage in widespread wrongdoing.
  • Ask what is the Congressman’s position on H.J. Resolution 111.

Please let me know if you hear anything back on his position by emailing me at my contact page.

Author: Michael Swayze

A retired county welfare agency administrator, who combines social work and computer skills to share information on community resources via the Internet since 1995. Active in voter engagement activities in Philadelphia, PA.

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