By now all consumers have been made aware that the Consumer Financial Protection Bureau (CFPB) powers were reduced and essentially taken away. This is really bad and not good for the little guy, but there is still hope for those who want to challenge their mortgage lenders.
According to an article written by Ralph Nader on commondreams.org, The Consumer Financial Protection Bureau (CFPB) restored consumers’ constitutional right to challenge fraud, cheating, deception, and swindles perpetrated by banks and other financial institutions before an impartial judge or jury.
Ralph Nader Makes Open Call
Nader cites in his open letter to President Donald Trump:
“Unscrupulous banks, payday lenders, and credit card companies regularly present consumers with one-sided forced arbitration provisions that block consumer access to courts of law and prevent victims from banding together to challenge financial wrongdoing. Private forced arbitration contract provisions also limit consumer rights to present evidence or appeal a bad or unjust decision. Moreover, defendants in such cases are often repeat-offenders, developing cozy relationships with arbitrators and biasing them against consumers. Shockingly, a 2007 Public Citizen report found that arbitrators working for the National Arbitration Forum (NAF) had ruled against consumers 94 percent of the time. (See: Arbitration: Unfair and Everywhere, September 14, 2009.)”
If you feel the same way, please take the time to respectfully write the President and ask that he please Veto this bill to truly protect the people.
Send letters to:
President Donald Trump
1600 Pennsylvania Ave NW,
Washington, DC 20500
God bless America!