Kucinich Announces Credit Cards That Don’t Cost You Your Legal Rights
WASHINGTON - Congressman Dennis Kucinich (D-OH) released the following statement:
"This holiday shopping season, consumers have the choice of using credit cards that don't take away their legal rights. Until now, all major banks have required their customers - through provisions hidden in the fine print of credit card agreements -- to give up their constitutional right to their day in court. Those agreements have required customers to settle their disputes through a process called arbitration. In July, the House Domestic Policy Subcommittee, of which I am the Chairman, held a hearing in which we showed that mandatory arbitration is arbitrary, and that results depend more on the arbitrator to whom the case is assigned than on the facts or the law that applies.
"Since that hearing, my staff has been communicating with all the major banks, and today I can announce that six of those banks will not have arbitration clauses in their new credit card agreements. Those banks are JPMorganChase, CapitalOne, PNC Bank, TD Bank, Bank of America and Regions Bank. I want to congratulate those banks for their decisions.
"I particularly want to congratulate JPMorganChase and CapitalOne. Those two banks will be issuing new credit card agreements that also allow their customers the right to a jury trial and the right to participate in a class action. I strongly encourage the other banks to follow their lead.
"For the first time in years, you can choose what credit card to use by considering all its terms-interest rate, minimum payment, fees, rewards, and whether it requires you to give up your right to use the courts that our state and federal Constitutions have created for you."
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do.