A coalition of 20 Attorneys General sent a letter today urging U.S. Senate leaders not to repeal the Consumer Financial Protection Bureau’s Arbitration Rule, which stops companies from forcing consumers to sign away their legal rights.
The press release of the Massachusetts Attorney General explains:
The House recently passed a Joint Resolution of Disapproval that would set aside the CFPB’s rule under the Congressional Review Act. The attorneys general are asking the Senate to oppose that resolution and support consumers’ rights to go to court to assert their claims against financial institutions.
“As state attorneys general, we have spent decades fighting companies that trick consumers into terms and fees buried in the fine print,” AG Healey said. “This rule would put an end to hidden clauses that prevent consumers from going to court and banding together to fight unfair and illegal practices. We urge the U.S. Senate to keep the Rule in place so that all consumers have a chance to be heard in court.” ....
“The CFPB’s Arbitration Rule would deliver essential relief to consumers, hold financial services companies accountable for their misconduct, and provide ordinary consumers with meaningful access to the civil justice system,” the letter states.
The Attorneys General's letter is here.