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Don’t Trust the Chamber of Commerce When it Tells You That Arbitration is Good for Consumers
The U.S. Chamber of Commerce, one of the country’s largest corporate lobbying organizations, wants American consumers to believe that it has their best interests at heart. This is a myth.
In a recent blog post, the Chamber argues against a proposed rule being considered by the Consumer Financial Protection Bureau. The rule would prohibit contracts for consumer financial products from combining arbitration clauses that prevent consumers from going to court with terms that ban consumers from bringing or being a part of a class action. The Chamber argues that when consumers have been cheated by banks or debt collectors, it’s in the consumers’ best interest to bring those companies to individual arbitration, rather than banding together in a class action. This position, however, is completely disingenuous.
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