WASHINGTON
— The Republican-led Senate http://www.cmslamp.com/ross-cockrell-jersey-c-2_5.html narrowly voted Tuesday to repeal a banking rule that would let consumers band together to sue their bank or credit card company to resolve financial disputes.
Vice President Mike Pence cast the final vote to break a 50-50 tie. The banking industry had been lobbying hard to roll back the regulation from the Consumer Financial Protection Bureau. The bureau had moved to ban most types of mandatory arbitration clauses found in the fine print of agreements consumers often enter into when opening a checking account or getting a credit card.
The vote reflects the effort of the Trump administration and congressional Republicans to undo regulations that the GOP argues harms the free market. The measure now moves to President Donald Trump
’s desk for his signature.Democratic lawmakers said the rule was needed and would give consumers more leverage to stop companies from financial wrongdoing. They cited the sales practices at Wells Fargo and the security breach at credit company Equifax as examples of misdeeds protected through forced arbitration.
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So who does forced arbitration help? Wall Street banks and other huge corporations that never pay the price for cheating working people,” said Sen. Sherrod Brown, D-Ohio.Republicans said that the arbitration system has worked
“wonderfully” for consumers. They said the payouts for the average consumer in arbitration cases are generally much larger and occur much more quickly than compared to the relief gained through class-action lawsuits.“
The effort to try to characterize this as some devious system that has been created to try to stop consumers from having access to http://www.steelersprosale.com/mike-mitchell-jerseys-c-1_32.html fairness is simply false,
” said Sen. Mike Crapo, the Republican chairman of the Senate Banking, Housing and Urban Affairs Committee. “We have a very fair system that has been working for over 100 years in this country.”Crapo said the average pay-out for consumers in class-action lawsuits against financial companies was just $32, but lawyers stood to make millions.
