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Rep. Capuano on H.J. Res. 111

July 27, 2017

Rep. Capuano speaking on H.J.Res. 111 which empowers banking institutions to circumvent customers’ rights to pursue legal claims in a court of law.

Most customers of large banks probably don’t know that when they open an account, they may have signed a contract giving up their right to sue the bank in case of fraud or some other misdeed. That’s true about other large financial institutions as well. Wells Fargo used those “contracts” to prevent customers from suing them after the bank illegally opened accounts and debit cards in customers’ names without their knowledge or approval and then charged those customers fees to service those fake accounts.

You may have missed it, but the Consumer Financial Protection Board (CFPB), created under the Dodd-Frank Act, recently adopted a regulation to prohibit such forced agreements, preserving customers’ rights to seek relief in a court of law when necessary. Well, the House majority just passed a bill to repeal that regulation. Here are my comments on the floor during debate about that repeal bill.

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