Always read the fine print.
Almost a year after millions of fake bank accounts were uncovered, Wells Fargo is still using fine print “forced arbitration” clauses to cheat those customers out of the justice they deserve.
Ohio’s consumer cop, the Consumer Financial Protection Bureau, is trying to put a stop to this shady practice used by predatory payday lenders and big Wall Street banks. In July, the Consumer Financial Protection Bureau finalized a rule that would block financial institutions from using forced arbitration to stop customers from seeking justice through the court system after they’ve been cheated.
But President Trump’s Comptroller of the Currency, a former Wells Fargo lawyer, and Republicans in Congress are trying to overturn that rule. Overturning the Consumer Bureau’s arbitration rule will help banks and payday lenders continue to get away with cheating customers, and I intend to put up one hell of a fight.
Wall Street banks and payday lenders have armies of lobbyists and lawyers on their sides. Our job is to fight for the servicemembers, student borrowers, seniors, and hardworking Americans who depend on the Consumer Financial Protection Bureau to look out for them.
Over the past six years, the Consumer Financial Protection Bureau has secured $12 billion in relief for more than 29 million American consumers who’ve been ripped off by debt collectors, for-profit schools, payday lenders, and huge banks like Wells Fargo.
Folks in Washington who want to dismantle the bureau may have amnesia about the devastation that Wall Street greed wreaked on communities across the country, but most Ohioans don’t have that luxury – they’re still recovering. The last thing Ohioans need is for politicians to turn back the clock to the days when Wall Street was free to prey on working families, wreck the economy, and hand taxpayers the bill.
Sherrod Brown is a Democratic U.S. Senator from Ohio.