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For Immediate Release: October 12, 2017

Contact: Steve Prince

(207) 623-2661

mtla@mtla.org

 

 

Mainers Support CFPB Rule to Restore Their Rights, Senators Should Too

Senator Collins Undecided on the Fate of a CFPB Rule that Empowers Americans to Fight for Their Rights Against Big Banks

Augusta, ME—Within the next few weeks the U.S. Senate will either restore the constitutional rights of Mainers or allow those rights to be further stripped away at the behest of corporate giants like Equifax and Wells Fargo.  If the Senate approves S.J. Res. 47 (115) it would wipe out a recent Consumer Financial Protection Bureau (CFPB) rule that restores Mainers’ rights to band together against financial giants and Wall Street megabanks.  Companies like Equifax and Wells Fargo bury “forced arbitration” clauses in the fine print of their customer agreements to deny wronged consumers the choice of pursuing justice in court, and instead subject them to a forced arbitration system that is almost always secret, rigged against the consumer, and controlled by special interests.

Fortunately for Mainers, Senator Collins has consistently voted to protect Mainers and has a long history of standing up to special interests and Wall Street.  She voted to protect us from financial giants like Wells Fargo and Equifax when she voted in favor of the Dodd-Frank Financial Reform Act and mandated the CFPB look at forced arbitration in the financial industry. 

These same financial interests are now suggesting that the CFPB rule would hurt credit unions and smaller banks.  This is false because smaller institutions are not impacted by the rule.  Nationally, studies show 97 percent of credit unions don’t use forced arbitration, and only 8 percent of smaller banks use forced arbitration.  In Maine, there’s only one, but there are 524,517 Mainers impacted by Equifax and at least 217 Mainers with fraudulent Wells Fargo accounts.

Mainers know that Senator Collins cares about our citizens, our seniors, and our service members, who all overwhelmingly support the CFPB arbitration rule 5 to 1, not the financial giants like Equifax and Wells Fargo who have so recently victimized them.  

“If asked to cast her vote to overturn the CFPB Arbitration Rule, Mainers know that Senator Collins has consistently stood up to special interests, and there’s no reason to believe she won’t do so again,” said Alison Wholey Briggs, President of the Maine Trial Lawyers Association.

 

 


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