New Poll Shows that Congress Going Against Wishes of Constituents in Voting to Repeal a CFPB Rule that would Restore the Right of Americans to Take Financial Firms to Court
WASHINGTON, D.C. – The House of Representatives is expected to vote today on H.J. Res. 111, a bill that would rescind a Consumer Financial Protection Bureau (CFPB) rule that curtails forced arbitration clauses. A new poll from the Center for Responsible Lending and Americans for Financial Reform shows strong support, across the political spectrum and across the country, for the CFPB arbitration rule.
Likely voters were presented with arguments for and against the rule – essentially if the rule holds banks accountable or if it just leads to frivolous lawsuits. Sixty-six percent of those surveyed approved of the rule with 77 percent of Democrats, 68 percent of Independents, and 55 percent of Republicans in support.
"Wall Street and predatory lenders want to cheat consumers out of their hard-earned money and get off scot-free. They want to stop Americans from exercising their 7th Amendment right to have their day in court. Unsurprisingly, these are unpopular ideas and Congress should reject them," said Melissa Stegman, Senior Policy Counsel at the Center for Responsible Lending (CRL).
In the Senate, S.J. Res. 47 has been introduced with text and purpose identical to H.R. Res. 111 – to rescind the CFPB arbitration rule.
For more information, or to arrange an interview with a CRL spokesperson on this issue, please contact Matthew Kravitz at email@example.com or 202-349-1859.