![]() “Because those consumers were forced into secret arbitration, we didn’t find out about it for three years.“Īll told, we were happy to speak with this rising internet star about consumer protections, though due to Werner’s considerable policy savvy there was less hearty in-character chortling than we would have preferred.Īsked if Mr. “It keeps consumers from telling their story,” Werner said. When it comes to shady business or privacy practices, an individual lawsuit might function as “a canary in a coal mine,” but if that lawsuit is forced into the shadows under forced arbitration it can take years for the public to find out about it, like in the case of the Wells Fargo fake account scandal. Īs Werner explained, forced arbitration has even broader major implications for consumers. One important way the Senate can protect Equifax victims: Upholding rule that allows them to band together to sue bad actors in court. This kind of arbitration is generally heavily weighted against the consumer, preventing individuals from bringing lawsuits against companies and instead “ disputes into secretive arbitration proceedings rigged to favor financial companies and conceal wrongdoing from regulatory authorities,” as Public Citizen explains.įorced arbitration came up after the Equifax hack when consumers noticed it in the company’s terms of service, a controversy that Equifax sort of clarified in its sketchy Equifax-like way. Werner hopes that everyone riding the tide of Equifax outrage will call their representatives to defend the Consumer Financial Protection Bureau rule that limits mandatory arbitration practices. If you witnessed this, please hit us with the GIF. “There were news cameras in front of him… I was chasing behind him,” said Werner, who likely correctly believes that the footage would make the evening news. In perhaps the most hilarious moment among many, Werner actually tailed Smith after the hearing to deliver the ex-Equifax CEO fistfuls of money meant to represent the $7.25 million contract the company just secured with the IRS. The Monopoly Man – Amanda Werner October 4, 2017 Some Republicans lawmakers are trying to overturn the CFPB's rule.Hello! The Monopoly Man is here to raise attention to Equifax's get-out-of-jail-free card, forced arb. The issue is especially timely because the Consumer Finance Protection Bureau, a federal agency created following the 2008 financial crisis, will soon ban financial companies and credit reporting bureaus from forcing consumers to sign arbitration clauses. Following an outcry, Equifax dropped the forced arbitration clause. 4, 2017.Īfter disclosing the breach, Equifax came under fire for offering a free credit-monitoring service that also required customers to agree to sign away their right to sue the company. Monopoly" photobombs former Equifax CEO Richard Smith as he prepares to testify before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, Oct. I tried to be especially entertaining when they talked about forced arbitration" by dropping the monocle, looking surprised and twirling the mustache. So I took a different approach: I tried to ham it up as much as I could. "I've been very professional before when I've been on camera, controlling my facial movements. "I know there are certain spots where you can sit behind witnesses," Werner said. That practice, which is in use at Equifax and many other companies in the U.S., bars consumers from pursuing their day in court and effectively insulates corporations from legal repercussions for their actions. Werner, a self-described rabble-rouser, said the idea of dressing like the game board icon stemmed from the group's work against so-called forced arbitration. Monopoly, also known as "Rich Uncle Pennybags," and why? Meet Amanda Werner, who works for Americans for Financial Reform, a nonprofit focused on improving the nation's financial system. Just who was behind the appearance of Mr. Rich Uncle Pennybags, as the Monopoly man mascot is known, delighted onlookers by twirling his mustache, wiping his brow with a $100 bill and polishing his monocle during the hearing, which was focused on investigating the massive data breach that exposed the personal data of more than 145 million Americans. The character surfaced at the Equifax ( EFX) Senate hearing on Wednesday, grabbing attention by sitting just feet behind the credit reporting bureau's former CEO, Richard Smith. Monopoly has gone to Washington - and stolen the show.
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