Another Conservative Strongly Supports CFPB Arb Rule

Chuck Muth has written If Congress Won’t Protect Us from Wells Fargo, then at Least Get Out of the Way. Here's an excerpt:

Now, as a conservative I fully support the right of private individuals to freely and voluntarily contract with each other * * *

But to require someone to sign away a CONSTITUTIONAL RIGHT (now I’m shouting!) for the privilege of opening a checking account or obtaining a Visa card is obscene.  Especially when your rights are taken away from you by a fine-print clause in a 7,927-word (yes, I counted them for you) “adhesion contract.”

* * *

Unfortunately, Congress – in the pockets of the Big Bank swamp monster – has chosen to go AWOL on this issue.  Which has left a vacuum that the despised (rightfully so) Consumer Financial Protection Bureau (CFPB) has stepped in to fill.

* * * I don’t like the CFPB.  I think Congress should eliminate it.  * * * And like the proverbial broken clock that gets it right twice a day, CFPB has gotten it right on this issue. * * *

I detest abuses of class action lawsuits.  With a passion.  I’ve championed lawsuit abuse reform legislation for two decades.

But class action lawsuits do have a rightful and legitimate place in American jurisprudence in some cases – like when a giant national bank like Wells Fargo fraudulently opens an estimated 1.5 MILLION fake checking accounts and issues an estimated 565,000 fake credit cards to customers without their knowledge or permission.

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