Tag Archives: Jeb Hensarling

‘Most Brazen Corporate Wrongdoer Maneuvers in Memory’: Equifax Forces Potential Victims to Give Up Legal Rights

Sen. Elizabeth Warren (D-Mass.) calls data breach “Exhibit A for why we must stop GOP from reversing the CFPB’s rule protecting your right to join class actions”

By Andrea Germanos, staff writer for Common Dreams. Published 9-8-2017

“It is despicable that Equifax would exploit consumers’ need for identity theft monitoring to avoid accountability for this devastating breach,” said Amanda Werner, arbitration campaign manager at Public Citizen and Americans for Financial Reform. (Photo: GotCredit/flickr/cc)

Not only did Equifax suffer a massive data breach that potentially compromised the personal data of up to 143 million in the U.S. and then wait 6 weeks to inform the public—the credit-reporting company is directing those who want to know if they were a victim of the breach to a service that forces them into a “rip-off clause” that makes them give up their right to file or join class-action lawsuit against the company.

Robert Weissman, president of advocacy group Public Citizen, called it “one of the most brazen corporate wrongdoer maneuvers in memory.” Continue reading

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Serving Wall Street Predators, GOP Launches Swift Attack on New Rule Protecting Consumers

The rule from the CFPB blocks ‘a fine-print trick that banks and predatory lenders use to evade accountability and conceal illegal behavior’

By Andrea Germanos, staff writer for Common Dreams. Published 7-12-2017

Consumer Financial Protection Bureau architect Sen. Elizabeth Warren (D-Mass.), seen here in 2016, said the new rule from the agency “will allow working families to hold big banks accountable when they’re cheated.” (Photo: New America/flickr/cc)

A new rule by a federal watchdog—hailed as having “paramount importance” for protecting consumers from Wall Street predators and curbing corporate abuses—is under direct attack by Republicans just days after being issued.

The rule from the successful and broadly-supported Consumer Financial Protection Bureau (CFPB) bans companies from using mandatory arbitration clauses, which makes consumers give up their right to file or join class-action lawsuits. In other words, it blocks “rip-off clauses” that are “a fine-print trick that banks and predatory lenders use to evade accountability and conceal illegal behavior,” as advocacy group Public Citizen put it, noting that they are also used by many corporations. Continue reading

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