Yesterday, U.S. Senators Richard Blumenthal (D-CT) and Elizabeth Warren (D-MA) and Congressman Hank Johnson (D-GA) wrote to Bank of America CEO Brian Moynihan, calling on the bank to immediately remove its recently added forced arbitration agreement, hamstringing consumers’ legal rights and denying them the ability to hold corporations accountable.
“The new forced arbitration provision will force Bank of America’s customers into a private and secretive system, rigged against their interests. During the arbitration process, corporations can write the rules and have no obligation to make proceedings public. Without access to the public court system, discovery is typically limited, making it hard for consumers to obtain the evidence needed to prove their case,” wrote the lawmakers.
“We expect companies that pride themselves on consumer protection, like Bank of America, to stand up for its customers and not rely on forced arbitration clauses that quietly strip customers of their rights,” continued the lawmakers. “At a time when costs are rising, Americans are struggling to get by, and the Trump administration has abandoned enforcement of even the most basic consumer protection policies, we are deeply disappointed that Bank of America is imposing yet another obstacle for customers seeking accountability and protection.”
The full letter is here.
