Wall Street

The demise of the Lehman Brothers and the following Great Recession were triggered in part by financial trickery that put the big banks first and consumers last -- and why we created the Consumer Financial Protection Bureau as our watchdog on Wall Street. Take action to support our protections that keep Wall Street in check. 

On Monday, July 10, the Consumer Financial Protection Bureau finalized an important rule to prevent financial firms from using mandatory arbitration clauses to deny consumers the right to have their day in court. The small-print in these contracts made it nearly impossible for consumers without the financial resources to take on big banks by preventing class action lawsuits. Fair Share’s Phoenix Trent said of the rule:

“We commend the Consumer Bureau for restoring class action rights to financial customers. We know that this rule will help hold financial bad actors accountable for breaking the law. This new rule will help to protect and defend servicemembers, veterans and other vulnerable populations who were previously tricked into unfair forced arbitration practices which are designed to favor Wall Street over working Americans.”

WASHINGTON, D.C. – Fair Share, a national grassroots advocacy group, today spoke out against riders to the congressional spending bill as “outrageous assaults on the financial security of American families and the integrity of our democracy.”

One rider would reverse crucial reforms in the Dodd-Frank Wall Street Reform and Consumer Protection Act, ultimately endangering taxpayers who would get stuck with the bailout if and when banks fail.