of a Congressional Review Act resolution to repeal the Consumer Financial Protection Bureau\u2019s (CFPB) arbitration rule. The rule would have allowed consumers access to courts after big banks like Wells Fargo steal their identity, or credit bureaus like Equifax compromise consumers\u2019 most personal information.<\/span><\/p>\nThe following statement is attributable to Sally Greenberg, NCL executive director:<\/span><\/p>\n\u201cLast night, while most Americans were sleeping, 50 Senate Republicans and Vice President Mike Pence voted to take away our sacred right to a day in court. Today, in the aftermath of massive financial wrongdoings like Wells Fargo\u2019s nearly 1.4 million fraudulent accounts scandal or Equifax\u2019s massive data breach, financial companies will continue to be free to bury binding arbitration clauses in their terms of service. These \u2018rip-off clauses\u2019 are designed to prevent consumers from having their day in court or joining together to form a class action lawsuit after they are harmed.<\/span><\/p>\nIn fact, earlier this year the NCL Board of Directors voted to take NCL\u2019s operating capital out of Wells Fargo and switch to Bank of Labor precisely because of Wells\u2019 requirement that customers to give up their rights. Bank of Labor, Bank of America and many credit unions are thriving without forcing their customers to sign away rights through these odious \u2018rip-off clauses.\u201d We applaud CFPB director Richard Cordray, whom NCL is honoring this evening, for his efforts to protect the consumer rights that were just taken away in one fell swoop by this unfortunate Senate vote.<\/span><\/p>\nThe Senate\u2019s decision to side with Wall Street over consumers is shameful. The denial of one of our most basic rights as Americans — the right to our day in court — is a massive step backwards for consumers and our nation. While this may be a setback, the National Consumers league will continue fighting before Congress and the Administration to reaffirm consumers basic rights, including, the right to justice.\u201d<\/span><\/p>\n###<\/p>\n
About the National Consumers League<\/strong><\/p>\nThe National Consumers League, founded in 1899, is America’s pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.<\/p>\n","protected":false},"excerpt":{"rendered":"
October 25, 2017 Contact: Cindy Hoang (202) 207-2832,\u00a0cindyh@nclnet.org\u00a0 \u00a0 Washington, DC–The National Consumers League (NCL) condemns the Senate\u2019s passage of a Congressional Review Act resolution to repeal the Consumer Financial […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"categories":[25],"tags":[412],"acf":[],"_links":{"self":[{"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/posts\/1070"}],"collection":[{"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/comments?post=1070"}],"version-history":[{"count":3,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/posts\/1070\/revisions"}],"predecessor-version":[{"id":9811,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/posts\/1070\/revisions\/9811"}],"wp:attachment":[{"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/media?parent=1070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/categories?post=1070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nclnet.org\/wp-json\/wp\/v2\/tags?post=1070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}