- Richard CordrayDirector of the Consumer Financial Protection Bureau
Revoke Banks' License to Steal. Stop Forced Arbitration.
Wall Street banks have been granted a license to steal and violate the law. It’s called forced arbitration. Buried in the fine print of many bank and credit card contracts are dangerous forced arbitration clauses that eliminate access to justice and replace it with a secretive tribunal rigged in favor of Wall Street.
Forced arbitration is Corporate America’s Trojan Horse – a campaign to eliminate access to the courts and individual rights and replace them with Big Businesses’ own dispute mill. Most Americans do not even know forced arbitration exists, but when banks write the rules, Americans lose every time.
The Consumer Financial Protection Bureau (CFPB) can revoke banks’ license to steal. Tell the CFPB to put consumer financial security above Wall Street by stopping forced arbitration.
- Director of the Consumer Financial Protection Bureau
We applaud you for taking the first steps in the fight to stop forced arbitration. We thank you for putting the rights of Americans at the forefront of your efforts.
As you know, forced arbitration creates a system rigged against consumers and tipped in favor of billion dollar financial corporations. It allows banks and credit card corporations to eliminate the rights of Americans to go to court and grants these financial institutions a license to steal and violate the law.
Americans’ financial security is at risk. This is an important issue that cannot be ignored. We hope that you will address this expeditiously to ensure that the rights of consumers are protected.
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