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Dear Representatives:
On behalf of more than 3.2 million Americans for Prosperity activists in all 50 states, I urge a YES vote on H.J.Res.111, a Congressional Review Act to overturn the Consumer Financial Protection Bureau’s (CFPB) arbitration rule, which bars class-action waivers in arbitration agreements
We urge you to vote YES on H.J.Res.111 disapproving of the CFPB’s Arbitration Rule. Americans for Prosperity will include this vote in our congressional scorecard.
We support using the CRA to roll back the CFPB’s anti-consumer rule that will restrict the use of arbitration clauses associated with financial products that Americans use the most, and prevent similar overreach in the future. By banning the use of mandatory arbitration clauses for products like credit cards and bank accounts, consumers will bear the financial burden of paying court filing fees and hiring attorneys in order to address company-wrongdoings.
The Bureau’s arbitration rule will force customers to settle for less and wait longer to receive their awards and damages. As examined by the Consumer Financial Protection Bureau’s own study, consumers won over $5,000 when using arbitration versus only $32 returned to plaintiffs after using class-action litigation. The study also found that consumers who used arbitration received their awards sooner – averaging around two months – compared to class-action litigation that can take up to two years.
We urge you to vote YES on H.J.Res.111 disapproving of the CFPB’s Arbitration Rule. Americans for Prosperity will include this vote in our congressional scorecard.
Visit our scorecard online:afpscorecard.org
Sincerely,
Chrissy Harbin
Vice President of External Affairs
Americans for Prosperity
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