House Attack on Dodd-Frank Shows Allegiance to Wall Street

Washington, D.C., July 25, 2017 – In response to today’s vote in the House to repeal the Consumer Financial Protection Bureau rule that protects consumers from hidden arbitration clauses banning class actions in financial services contracts, a part of the Dodd-Frank financial reforms, AFJ President Nan Aron released the following statement:

“The Republican-led House today showed its allegiance to Wall Street, not everyday Americans, by voting to overturn this important protection for consumers. The rule that the House wants to kill is meant to safeguard our right to band together with others that have been wronged and have our fair day in court when we are harmed or ripped off by a bank or lender. The CFPB rule prevents borrowers and buyers from being pushed into a closed-door arbitration process that is rigged against the consumer. The Senate must stand firm against this attempt to strip us of our rights and immediately reject this legislation.”