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Wall Street

Our Response to Senate Vote Blocking Rule That Would Restore Consumer’s Right To Take Financial Bad Actors To Court.

Now more than ever, we need to stand up for the Consumer Bureau and keeping Wall Street in check.

On Tuesday, October 24, Vice President Pence broke a 50-50 deadlock in the Senate, overturning the Consumer Financial Protection Bureau’s rule banning mandatory arbitration clauses. This rule would have prevented financial firms from using small-print in contracts that prevent class action lawsuits, which make it nearly impossible for consumers without the financial resources to take on big banks.

This vote leaves all of us open to being tricked into unfair forced arbitration practices which are designed to favor Wall Street over working Americans.

Consumer Right to Take Financial Bad Actors to Court is Restored

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.”

Town hall in Virginia highlights importance of Consumer Bureau

Predatory lending and unfair banking practices were a hot topic in Charlottesville yesterday when community leaders and advocates met at the Jefferson-Madison Library to discuss consumer protection and defending Virginians from unfair banking practices.

The event included Pastor Joseph Chambers of the Buckingham County Board of Supervisors, former Sheriff of Fluvanna County Ryant Washington, David Irvin of Attorney General Herring’s office, Keo Chea of the Consumer Financial Protection Bureau, Jane Dittmar of Delegate David Toscano’s office, Ed Mierzwiski of the Public Interest Research

"An assault on our financial security. An assault on our democracy" Fair Share critizes riders to budget bill

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.