Over 28,000 Courage Members call on CFPB to Ban "Ripoff" Clauses

FOR IMMEDIATE RELEASE
August 29, 2016


Over 28,000 members of Courage Campaign signed a petition telling the Consumer Financial Protection Bureau (CFPB) that they stand firmly against forced arbitration “ripoff” clauses.

The petitioners called on the CFPB to restore the public’s right to hold big banks accountable.

Courage Campaign formally submitted these 28,003 comments on behalf of our members in response to the Bureau’s Notice of Proposed Rulemaking (Docket ID CFPB-2016-0020).

The petition language to the Consumer Financial Protection Bureau signed onto by Courage members reads as follows:

“Consumers already face a stacked deck when they try to hold large corporations accountable for harms — but forced arbitration clauses in consumer financial contracts make it nearly impossible to beat the odds. I support the CFPB’s proposed rule to restore consumers’ right to join together and take companies to court when they break the law.

Barring consumers from joining class actions directly opposes the public interest. I urge the CFPB to act on its congressional mandate by restricting the abusive practice of forced arbitration in the final rule.”

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