It did not take long for consumer advocates to speak out against the Senate’s recent vote to kill the Consumer Financial Protection Bureau’s anti-arbitration rule.
Burg Simpson founding shareholder Michael S. Burg told Law Week Colorado this week that it certainly causes for celebration for big corporations.
“It’s impossible to hold those banks responsible for what they’ve done,” Michael explained. “It’s a free pass to steal money.”
Michael added that while arbitration certainly has its place in the legal system, forced arbitration in consumer financial contracts is an inherently unfair process that stacks the deck against consumers.