The 3 Myths Banks Are Using To Defend Their ‘Get Out Of Jail Free’ Cards
by Chris Morran, Consumerist
Earlier this month, the Consumer Financial Protection Bureau proposed rules intended to restore some of those constitutionally granted rights that the Supreme Court has stripped away in recent decades. Faced with the possibility of having to be held responsible for their bad actions, some industry groups are coming out in force against the rules, presenting the same laughably thin argument that consumers ultimately benefit by not being able to sue the companies they do business with.
The latest risible screed against the proposed arbitration rules comes from Thomas Donohue, President and CEO of the U.S. Chamber of Commerce (which is not a governmental agency, but a private industry lobbying organization), whose pro-arbitration blog post effectively hits on the same three flimsy talking points the banks and credit card companies have been repeating.