Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.), member of the Banking, Housing, and Urban Affairs Committee released the following statement after Senate Republicans voted to nullify the Consumer Financial Protection Bureau’s (CFPB) forced arbitration rule. The CFPB’s rule bans companies from denying Americans their day in court by forcing them into mandatory arbitration.
“Congress created the Consumer Financial Protection Bureau to protect consumers from the predatory practices of Big Banks and major corporations trying to use fine print to silence American consumers. By repealing the CFPB’s arbitration rule, Republicans are turning their backs on consumers and telling the Big Banks that they can bully Americans into seeking justice on the terms demanded by companies like Wells Fargo and Equifax, rather than seeking justice in the courts. Senate Republicans have sent a clear message to their corporate allies: it’s acceptable to deceive and cheat hardworking families, seniors, students and service members out of their hard earned money.”