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Our new congressman Greg Gianforte has just arrived in D.C., but he is already hard at work protecting fraudulent big banks.

Remember last year, when it came out that Wells Fargo had been defrauding thousands of its customers? Those defrauded customers were not allowed to sue Wells Fargo together. This was because the bank’s mandatory arbitration clause prevented them from joining a class action suit. The arbitration clause applied, even if the bank had committed fraud.

This spring the Bureau of Consumer Financial Protection proposed a new rule to make that illegal. The rule would ensure that if a bunch of customers were defrauded--even if the individual amounts were small--that they could join together and sue the bank.

But, that rule might not go into effect. Congress is working on repealing it. The repeal has already passed the House (HJ RES 111). Our newly minted representative, Greg Gianforte voted for it.

Gianforte voted to ensure that the next time a bank defrauds thousands of customers, that they won’t be able to get their day in court. I urge you to give his staff a call and let them know how you feel about that.

Nick Howard


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