Posted on 10/25/2017 9:00:39 AM PDT by mikelets456
WASHINGTON (AP) — The White House is welcoming a congressional measure killing the ability of millions of Americans to band together to sue bank or credit card companies to resolve financial disputes in a major win for Wall Street.
The Senate narrowly voted late Tuesday night to nullify the rule, with Vice President Mike Pence casting the final vote to break a 50-50 tie. The measure now goes to President Donald Trump for his signature.
"President Donald J. Trump applauds the Congress for passing," the resolution, the White House said in a statement shortly after the vote that highlighted its own Treasury Department report criticizing the rule. "The rule would harm our community banks and credit unions by opening the door to frivolous lawsuits by special interest trial lawyers."
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.
(Excerpt) Read more at usnews.com ...
This is Maxine Waters bugaboo, she’ll go apoplectic.
Good.
Democrats favor anything that lines the pockets of one of their favorite groups, Lawyers. Consumers don’t benefits from Class Action Lawsuits, Laywers do. When they can stop the racket that is Class Action Lawsuits with an enormous payout to the lawyers, then we have something that is more Consumer oriented.
“The rule would harm our community banks and credit unions by opening the door to frivolous lawsuits by special interest trial lawyers.”
Problem is most of those lawyers are doing so on behalf of a populace that didn’t have anything to do with the lawsuits. That $#!^ has gotta stop. Opening an unsolicited letter stating “your share of the class action suit against XYZ Co. is $0.43, please waste more than that on a stamp letting us know in writing where you want it sent” or some such.
I’m sure _real_ class action suits would remain available - something where real plaintiffs band together to state a unified case, to the point that petitionings naturally extend to the class in general. That needs to not be confused with cases where a lawyer concocts a theoretical case, hires a few perfunctory plaintiffs, and walks away with $millions while those allegedly harmed get pennies.
Thanks because I’m trying to figure out the jist of this bill and why the left is up in arms——the article gives no bill#, nothing-—just bashes Trump.
Conservatism would deny banks ability to charge usurious interest rates, disallow commmunity banks to engage in invesments, but rather grow the local community with business loans and home mortgages only.
This bill does not seem to benefit the public
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