On October 24, 2017, the United States’ Senate voted against adopting the Consumer Arbitration Rule, (5 years in the making) proposed by the Consumer Financial Protection Bureau. The Rule would have limited companies’ in their ability to impose arbitration
The result of the vote is disheartening as it appeared to be a step towards making companies accountable for their actions, especially in light of the current Well Fargo and Equifax scandals.
Richard Cordray, the director of the consumer bureau, said in a statement-
“Tonight’s vote is a giant setback for every consumer in this country. As a result, companies like Wells Fargo and Equifax remain free to break the law without fear of legal blowback from their customers.”
Senator Sherrod Brown, Democrat of Ohio, said the Republicans had betrayed ordinary Americans-
“By voting to take rights away from customers,” he said, “the Senate voted tonight to side with Wells Fargo lobbyists over the people we serve.”
Though it is most certainly unfortunate news, all hope is not lost in bringing Class Action Lawsuits against companies who have wronged consumers.
Despite the Senate’s vote, California is a consumer-friendly state that offers various avenues for consumers to bring Class Action lawsuits.
If you feel you’ve been wronged as a consumer, please do not let the Senate’s vote deter you from
Clark Law Group is diligent and innovated in finding ways to ensure that consumers are able to adequately litigate their claims despite the forum.