Having a watchdog such as the Consumer Financial Protection Bureau (CFPB) out there looking out for consumers’ interests is a good thing. Please call your representative THIS WEEK.
The U.S. House of Representatives will vote this week on H.R. 10, the Financial Choice Act sponsored by Congressman Jeb Hensarling (R-TX). PLEASE CALL your representative and tell him or her to vote against the WRONG Choice Act.
Among many other dangerous elements, this radical bill eliminates the Consumer Financial Protection Bureau’s power over:
- Supervision of big banks
- Payday lenders
- Forced arbitration, and
- Unfair or abusive practices.
The bill would make consumer financial protection even weaker than it was in the years leading up to the 2008 economic crisis. Tell your representative:
Don’t side with predatory lenders and Wall Street banks that violate the law and commit unfair practices. Oppose the H.R. 10, the WRONG Choice Act and any other bill that weakens the CFPB or its power over payday lenders, forced arbitration, and big banks.
Our clients and future potential clients and their families are the ones who will be harmed here if this bill passes. For those who wanted to sue IADT in a class action for instance – they couldn’t do so due to forced arbitration. Many student loan borrowers are signing forced arbitration clauses in their enrollment agreements. You know, the documents they are usually not permitted to read while an admissions/financial aid officer stands over their shoulders telling them where to click to get the money to pay the tuition.
Having a watchdog out there looking out for consumers’ interests is a good thing. Please call in your support this week to encourage your congress person to vote against this choice.
For more information, please see our website at Christie D. Arkovich PA.