Believe it or not, Wells Fargo tried to kick consumers defrauded in its fake account scandal out of a public court in Utah. Like many Wall Street banks and predatory lenders, Wells Fargo uses forced arbitration — a tactic devised to block consumers from joining together to challenge illegal behavior.
The Consumer Financial Protection Bureau (CFPB) finalized a rule to put an end to these “ripoff clauses” that let bad actors like Wells Fargo get away with widespread fraud. But some in Congress want to stop them. The House will vote tomorrow on a resolution to stop this rule before it can help consumers. That’s why we need people like you to call your Representative, and tell them to support this crucial rule.
You can reach your Representative at the Capitol Switchboard at 202–224–3121. Press 2 for your Representative and then enter your zip code.
Here is a sample call script you can use:
Caller: Good morning/afternoon! Can you let me know Rep. [NAME]’s position on H.J. Res. 111, which would use the Congressional Review Act to repeal the CFPB’s new rule on forced arbitration and block the agency from any future reforms on this issue?
Option 1: Opposes using the Congressional Review Act to repeal the CFPB’s new rule on forced arbitration
Staffer: Thank you for calling! Rep. [NAME] opposes using the Congressional Review Act to repeal the CFPB’s new rule on forced arbitration.
Caller: That’s great! I’m calling to say that if Rep. [NAME] truly believes, as I do, that CFPB’s new rule on forced arbitration should not be obstructed, he/she should do everything he/she can to oppose using the Congressional Review Act to repeal the rule. This means making public statements or delivering a floor speech in support of the new rule in an effort to protect working people from predatory financial institutions.
I’m happy to hear Rep. [NAME] opposes using the Congressional Review Act to repeal the CFPB’s new rule on forced arbitration. Thank you.
— — OR — —
Option 2: Supports using the Congressional Review Act to repeal the CFPB’s new rule on forced arbitration
Staffer: Thank you for calling! Rep. [NAME] supports using the Congressional Review Act to repeal the CFPB’s new rule on forced arbitration.
Caller: That’s terrible. That means Rep. [NAME] is choosing to protect predatory financial institutions at the expense of working people. We deserve to hold Wall Street banks like Wells Fargo accountable in court. Just recently, Wells Fargo tried to use forced arbitration to kick consumers defrauded in its fake account scandal out of a public court in Utah.
We need to the CFPB’s rule — it will vindicate our rights in court, and help us hold Wall Street banks and other financial institutions accountable.
— — OR — —
Option 3: Dodges / Has No Position
Staffer: Thank you for calling! I’m not sure if the Rep. [NAME] supports or opposes using the Congressional Review Act to repeal the CFPB’s new rule on forced arbitration.
Caller: That’s disappointing to hear — the CFPB’s new rule on forced arbitration is critical to holding Wall Street banks and other financial institutions accountable. Just recently, Wells Fargo tried to use forced arbitration to kick consumers defrauded in its fake account scandal out of a public court in Utah.
We need to the CFPB’s rule — it will vindicate our rights in court, and help us hold Wall Street banks and other financial institutions accountable.
Staff: I will certainly pass on your concerns to the Congressman/Congresswoman.
Caller: Please do, and please take down my contact information to let me know when Rep. [NAME] has made up his/her mind. I’m eager to hear what he/she decides.
