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Trump Officially Kills CFPB Arbitration Rule

Wednesday, November 1, 2017
Brena Swanson | HousingWire
Melissa Stegman

On the other side, Center for Responsible Lending Senior Policy Counsel Melissa Stegman said, “President Trump just handed a get-out-of-jail-free card to financial fraudsters. This unjust law enables companies to block group lawsuits by consumers, thus removing an indispensable check on corporate misconduct. Instead, this law lets companies force consumers into a secret arbitration system rigged against them – discouraging claims and allowing companies like Wells Fargo and Equifax to hide widespread consumer abuse,” said Stegman. “Despite this setback, CRL will continue to fight for the right of consumers to have their day in court.”