Schumer Statement on CFPB Mandatory Arbitration Rule

Washington, D.C. – U.S. Senator Chuck Schumer today released the following statement regarding the CFPB mandatory arbitration rule:

“By attacking this rule, Republicans are throwing consumers under the bus all so that companies like Wells Fargo and Equifax won’t be punished for their wrongdoing.

“Attacking this rule gives a green light to banks and financial firms to cut corners and wrong consumers, knowing that they won’t have to pay a real price on the back end. It’s one of the clearest examples yet that the Trump administration and Congressional Republicans putting big businesses ahead of average families, service members and seniors.”