newsvirginia organizing supports cfpb restricting forced arbitration

Virginia Organizing supports CFPB restricting forced arbitration

virginia organizingVirginia Organizing joined 280 consumer rights, civil rights, labor, community, and non-profit organizations to emphasize strong support for the Consumer Financial Protection Bureau proposed rule to restrict forced arbitration.

“Forced arbitration limits the rights of consumers and perpetuates the financial industry’s abusive practices,” said Virginia Organizing State Governing Board Vice-Chairperson Debra Grant. “Forced arbitration clauses are designed to keep big banks out of court, hide their bad practices, and shield the financial industry from accountability.”

The CFPB proposed rule does not prohibit forced arbitration completely, but it does add transparency to the process and provide consumers with the option to join class action legal proceedings.

“If companies can’t legally stop people from joining class action lawsuits, maybe they will change their practices to comply with the law,” said Grant. “This proposed rule at least gives consumers a chance to fight in court if companies break the law.”

A copy of the letter and all the signers can be found here.



Have a story idea or a news tip? Email editor Chris Graham at [email protected] Subscribe to AFP podcasts on Apple PodcastsSpotifyPandora and YouTube.

Latest News


#8 Virginia opens Disharoon Park homestand with 8-3 win over High Point

mike hollins uva football

Mike Hollins back at UVA practice: ‘It is literally a miracle that I’m here today’

Mike Hollins spent 20 minutes taking questions from the media on Tuesday, his first extended Q&A since the tragic events of Nov. 13 that took the lives of teammates Devin Chandler, Lavel Davis Jr. and D’Sean Perry.

Shaun Alexanderlane Hiner

Bedford County authorities searching for Blue Ridge teen missing since Monday

The Bedford County Sheriff’s Office is requesting the public’s assistance in locating a 16-year-old.

alycia cooper

National comedian Alycia Cooper brings short film to Vinegar Hill Theatre

Virginia Beach oceanfront concert

Virginia Beach concert series announces first six performances


Podcast: Joey Logano wins in Atlanta, plus the latest on Jimmie Johnson

ncaa tournament

Sweet 16 Thursday Preview: More upsets in the offing in East, West regions?