With help from our friends at The Other 98% (and an activist marching band), we made the petition delivery to Citigroup’s Wall Street headquarters into a spectacle the banksters won’t soon forget.
And a special thanks to our friends at Americans for Financial Reform, the National Association of Consumer Advocates, the American Association for Justice, Consumer Action and the National Consumer Law Center for joining us to gather signatures for this campaign.
So … what happens next?
Right now, the Consumer Financial Protection Bureau (the consumer protection agency created by the Dodd-Frank Wall Street reform law) is weighing its next steps on the financial sector’s use of forced arbitration clauses. These are terms hidden in consumer contracts that take away our right to sue in court, and require us to settle disputes with companies in private arbitration proceedings, where the companies set the one-sided rules.
The banks are nervous — and they are poised to attack if the CFPB looks like it’s moving toward banning these predatory, anti-consumer terms.
But the more people who are aware of the Big Banks denying consumer rights, the better our chances we’ll be able end forced arbitration.
Rick Claypool is the online director for Public Citizen’s Congress Watch division.