Published: July 2017

The CFPB champions consumers over Wall Street once again!

The Consumer Financial Protection Bureau (CFPB) finalized a rule to prohibit banks and lenders that break the law from stripping customers of the right to join together and hold them accountable in class action lawsuits. Without the CFPB arbitration rule, bad actors like Wells Fargo will continue to pocket billions in stolen money and, in fact, gain a competitive edge in the marketplace by harming consumers.

The CFPB's forced arbitration rule has been met with strong and widespread support from over 300 groups that advocate on behalf of veterans and servicemembers, consumers, civil rights, labor unions, and faith communities, including Consumer Action. The rule restores crucial consumer rights and increases accountability and transparency, making our financial system stronger and safer for all of us.

Lead Organization

American's for Financial Reform (AFR)

Other Organizations

Action In Maturity, Inc. | Affordable Housing Alliance | AFL-CIO | Alianza Americas | Alliance for Justice | Allied Progress | American Association for Justice | American Association of University Women (AAUW) | American Council of the Blind | American Family Voices | American Federation of State, County and Municipal Employees (AFSCME) | American Federation of Teachers | Americans for Democratic Action | Americans for Financial Reform | Association of University Centers on Disabilities Bankruptcy Law Center | The Bazelon Center for Mental Health Law | Center for Economic Integrity | Center for Economic Justice | Center for Global Policy Solutions | Center for Justice & Democracy | Center for Popular Democracy | Center for Progressive Reform | Center for Responsible Lending | Centro Legal de la Raza | CFED | Committee to Support the Antitrust Laws | Consumer Action | Consumer Federation of America | Consumers for Auto Reliability and Safety

More Information

For more information, visit AFR's website.

Download PDF

The CFPB champions consumers over Wall Street once again!   (CoalitionLetterFinalCFPBArbRule.pdf)