Let’s Make Banks Great Again. Ordinary People, Not So Much

On Tuesday, Congress passed a bill preventing a regulation from going into effect that would have made it easier for consumers to file class action lawsuits against financial firms, particularly banks.

The bill rescinded a rule from the Consumer Financial Protection Bureau that would strip language from certain financial agreements forcing consumers into arbitration instead of allowing people to sue.

Vice President Mike Pence cast the tiebreaking vote on the bill to strike down the CFPB's rule since Republican Sens. Lindsey Graham and John Kennedy voted against the measure.

The issue became particularly heated after the recent Wells Fargo and Equifax scandals.
In Wells Fargo's case, it emerged after the bank's fake accounts scandal that the bank included language that forced consumers into arbitration. And Equifax was found to have created a website that pushed people toward arbitration rather than lawsuits following that company's massive data breach.

Comments

  1. AnonymousOctober 25, 2017 at 4:17 PM

    Who do these Congressmen work for? It is not average Americans.

    ReplyDelete

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