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A project of Common Dreams

For Immediate Release
Contact:

Abby Wilhelm, abby@jubileeusa.org, 202 783-3566

Congress Could Repeal Consumer Protection Bank and Credit Card Rule

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:

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.

"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."

Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.

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