A bill signed on Nov. 1 by President Donald Trump sealed an unfortunate fate for consumers seeking financial justice. By signing H.J. Res. 111, both the President and Congress have together knocked down consumer protections to favor financial businesses and corporations.
In Washington-speak, it’s about a rule that ends mandatory or forced arbitration. CFPB’s rule was as simple as it was basic: consumers who have been similarly harmed by the same lender or creditor ought to have their own day in court — together.
Like the board game Monopoly, the President and Congress have given financial services firms a free ‘get-out-of-jail card’.
But the problems consumers face in personal finance is not a game. By their actions, those entrusted with leadership in the federal government betrayed their oaths of office to serve the public. Instead, they are serving private interests and profiteers who exploit consumers with deceptive and unfair practices.
Before the President’s signing of the ill-advised resolution, Richard Cordray, the ever-embattled director of the Consumer Financial Protection Bureau (CFPB), made a personal appeal on behalf of America’s consumers.
“This letter is not about charts or graphs or studies,” wrote Director Cordray to President Trump. “Instead it is simply a personal appeal to you, asking you to uphold this rule…[T]his rule is all about protecting people who simply want to be able to take action together to right the wrongs done to them.”