Call Of The Day: Support Consumer-Friendly Rules At Financial Institutions

(adapted from 5calls.org)

A few weeks ago, we called our Congressmen about the arcane-sounding Consumer Financial Protection Bureau's (CFPB) "arbitration rule."

This rule bans the use of mandatory arbitration clauses by banks and other financial institutions to prevent class action lawsuits.  House Republicans denounced the rule as regulatory overreach, and passed legislation (HJ Res 111) to overturn it.  The bill now awaits a vote in the Senate.

The CFPB's arbitration rule is back in the spotlight because of the Equifax security breach, which may have exposed the personal information of up to a staggering 44% of U.S. credit card holders.  The arbitration rule, therefore, would prevent companies like Equifax from denying consumers their right to legal action.  We have to tell our Senators to leave the rule in place.

WHO TO CALL:

Senators Cassidy and Kennedy

Senator Bill Cassidy - DC OFFICE: (202) 224-5824 and METAIRIE OFFICE: (504) 838-0130 (NOTE: If you can't get through to Metairie, try one of the other offices, such as Monroe: (318) 324-2111, Lake Charles: (337) 493-5398, or Alexandria: Phone: (318) 448-7176)

Senator John Kennedy - DC OFFICE: (202) 224-4623 and NEW ORLEANS OFFICE (504) 581-6190

Reminders:  Identify where you're calling from (town and zip code is fine) so they know you're an actual constituent.  Be concise - the office will get through more calls that way.  Be polite and don't argue with the staffer - they don't set policy.  If you get a voicemail, then leave a message.  And if you get a busy signal -- call back later!

Sample Script:

Hi, my name is [Your Name] from New Orleans, zip code 70118 [or wherever you're from].

I'm calling to ask the Senator to vote NO on HJ Res 111, which would overturn the CFPB's Arbitration Rule.  As the recent Equifax security breath demonstrates, consumers must be allowed to take group legal action against financial institutions who place their security at risk.  So I want the Senator to protect consumers and vote no on HJ 111.

Thank you for your time and your hard work answering the phones.  Stay safe out there. 

This call is courtesy of Metairie Indivisible.