Topic: Protect Consumers, Not the Financial Industry

Indivisible KC urges our Senators to oppose roll backs in the power of the Consumer Financial Protection Bureau (CFPB). The CFPB protects our economy from uncontrolled risk and predatory practices on Wall Street.

• IKC opposes a repeal of the Consumer Financial Protection Bureau’s rule banning mandatory arbitration clauses. Mandatory arbitration blocks constituents’ access to justice in open, fair, and public court of law, and forces consumers into secret agreements made by arbiters paid by very corporations they should be judging.

• IKC supports Consumer Financial Protection Bureau oversight of credit monitoring companies like Equifax. Right now, the CFPB interacts with credit reporting agencies primarily to ensure that report information is correct.

• IKC supports tightening rules on how and when corporations report information breaches of consumers’ data. Equifax waited months after the breach was detected to inform consumers that their sensitive information was compromised.

For further reference, check these articles:

https://www.americanbanker.com/news/equifax-breach-may-kill-repeal-of-cfpb-mandatory-arbitration-rule

http://www.chicagotribune.com/business/ct-equifax-data-breach-trump-regulation-20170912-story.html