Congress Could Repeal Consumer Protection Bank and Credit Card Rule

Jubilee USA

For Immediate Release

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Congress Could Repeal Consumer Protection Bank and Credit Card Rule

WASHINGTON - The House could vote to repeal regulations designed to help consumers take joint legal action against banks and lending companies. Last week, measures were ‎introduced in the House and Senate to repeal a new "arbitration" rule created by the Consumer Financial Protection Bureau.

Eric LeCompte, Executive Director of Jubilee USA, a religious coalition that advocates for banks and lending institutions to be more transparent, releases the following statement: 

‎"When we are wronged by financial institutions, we need to be able to hold them accountable. 

A free and independent press is essential to the health of a functioning democracy

‎"Beyond the consumer protections the new rule delivers, the rule pushes banks and credit cards to be more transparent because these businesses don't want to be subject to consumer collective actions lawsuits."

"It's a mistake for Congress to repeal these consumer protections."

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Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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