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CFPB Stops Industry From Forcing Injured Consumers to Give Up Legal Rights

FOR IMMEDIATE RELEASE
Monday, August 22, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

**Read Better Markets’ entire comment letter on CFPB’s proposed rule on arbitration agreements here.**

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, released the following statement in conjunction with Better Markets’ submission of a comment letter to the Consumer Financial Protection Bureau (CFPB) on its proposed arbitration rule:

“The CFPB is right that consumers should not be forced to give up their legal rights to participate in class action lawsuits when they are injured.  Banning consumers from participating in class actions is a divide and conquer strategy that forces each individual consumer to take on corporations alone no matter how egregious or widespread the misconduct. 

“The CFPB should go further and end the practice of financial companies forcing injured consumers with individual claims into binding arbitration proceedings.  Arbitrations are too often little more than kangaroo courts run directly or indirectly by industry, for industry, and to the detriment of consumers and the integrity of the markets.” 

 

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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