Help the CFPB Help You: Tell Your Senator to Leave the Arbitration Rule in Place


There is an agency swimming against the Trump tide in Washington, and it needs your help—the Consumer Financial Protection Bureau (CFPB) recently put out a new rule restoring our ability to join together and hold big banks like Wells Fargo accountable in court when they break the law. But before the ink was even dry, Trump’s friends in Congress moved to repeal it using the Congressional Review Act, which requires just 51 votes to pass in the Senate. Since the House already voted to repeal the rule, it’s now up to your Senators to protect your Seventh Amendment rights.

Why does this “arbitration rule” matter? Before it was issued, Wall Street banks and payday lenders could block consumers from enforcing their rights in court by sneaking “ripoff clauses” in the fine print of their contracts. These clauses forced consumers to forego the regular legal system and instead challenge them one-on-one in secret arbitration proceedings almost always side with them, leading the average consumer to come out of these proceedings paying their bank $7,725.

Call your Senators today and tell them to leave the Arbitration Rule in place

Sample Call Script

Caller: Good morning/afternoon! Can you let me know the Senator’s position on S.J. Res. 47, which would use the Congressional Review Act to strip consumers of their right to hold banks like Wells Fargo accountable in court by repealing a new CFPB rule?

Option 1: Opposes using the Congressional Review Act to repeal the CFPB rule

Staffer: Thank you for calling! Sen. [___] opposes using the Congressional Review Act to repeal the CFPB’s new rule.

Caller: That’s great! I’m calling to say that if Sen. [___] truly believes, as I do, that we must ensure consumers can join together to challenge big banks in court, he/she should do everything he/she can to oppose using the Congressional Review Act to repeal the rule. This means making public statements or delivering a floor speech opposing the effort to take away my 7th Amendment right to sue my bank for fraud or other illegal behavior. I urge the Senator to emphasize that the average consumer is ordered to pay their bank $7,725 in forced arbitration, according to the Economic Policy Institute.

Option 2: Supports using the Congressional Review Act to repeal the CFPB rule

Staffer: Thank you for calling! Sen. [___] supports using the Congressional Review Act to repeal the CFPB’s new rule.

Caller: That’s terrible. That means Sen. [___] is choosing to protect predatory financial institutions at the expense of working people. We deserve to hold Wall Street banks like Wells Fargo accountable in court. Just recently, Wells Fargo tried to use forced arbitration to kick consumers defrauded in its fake account scandal out of a public court in Utah, and now we have learned that they defrauded another 800,000 consumers in an auto insurance scam. A new report from the Economic Policy Institute found the average consumer is ordered to pay their bank $7,725 in forced arbitration.

I am appalled that Sen. [___] wants to take away my 7th Amendment right to sue my bank for fraud or other illegal behavior, and I strongly urge he/she to reconsider siding with Wall Street over his/her constituents.

Option 3: Dodges / Has No Position

Staffer: Thank you for calling! I’m not sure if the Sen. [___] supports or opposes using the Congressional Review Act to repeal the CFPB’s new rule.

Caller: That’s disappointing to hear—the CFPB’s new rule on forced arbitration is critical to holding Wall Street banks and payday lenders accountable. Just recently, Wells Fargo tried to kick consumers defrauded in its fake account scandal out of a public court in Utah, and now we have learned that they defrauded another 800,000 consumers in an auto insurance scam. A new report from the Economic Policy Institute found the average consumer is ordered to pay their bank $7,725 in forced arbitration.

I hope Sen. [___] will not vote to take away my 7th Amendment right to sue my bank for fraud or other illegal behavior and instead decides to stand with his/her constituents over Wall Street.

Staff: I will certainly pass on your concerns to the Senator.

Caller: Please do, and please take down my contact information to let me know when Sen. [___] has made up his/her mind. I’m eager to hear what he/she decides.

For more information on the Arbitration Rule, click here