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Trump signs GOP repeal of consumer banking rule
Associated Press ^ | Nov 1, 5:38 PM EDT | Ken Thomas

Posted on 11/01/2017 10:00:29 PM PDT by Olog-hai

President Donald Trump on Wednesday signed the repeal of a banking rule that would have allowed consumers to join together to sue their bank or credit card company to resolve financial disputes.

The president signed the measure at the White House in private. Journalists were not present to witness the signing.

The Republican-led Senate narrowly voted to repeal the Consumer Financial Protection Bureau’s regulation, which the banking industry had been seeking to roll back.

The Trump administration and Republicans have pushed to undo regulations they say harm the free market and lead to frivolous lawsuits. …

(Excerpt) Read more at hosted.ap.org ...


TOPICS: Business/Economy; Government
KEYWORDS: bankerrule; banking; cfpb; consumerrule; obamalegacy; third100days

1 posted on 11/01/2017 10:00:29 PM PDT by Olog-hai
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To: Olog-hai

Was this a piece of Dodd-Frank?


2 posted on 11/01/2017 10:09:43 PM PDT by Cobra64 (Common sense isn't common any more.)
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To: Cobra64

Wells Fargo must be thrilled.


3 posted on 11/01/2017 10:35:58 PM PDT by lodi90
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At first I was like WTF how is this winning. But then I learned the average person in these class action suits wins like literally only $32. And the only winners are the class action suit lawyers, who are predominantly leftists, who then use that money to fund Alt Left and SJW causes


4 posted on 11/01/2017 10:41:18 PM PDT by Sign Petition to Arrest Comey
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To: Sign Petition to Arrest Comey

Yup. It was a shakedown law designed to reward trial lawyers.


5 posted on 11/01/2017 10:42:52 PM PDT by Southack (The one thing preppers need from the 1st World? http://tinyurl.com/ktfwljc .)
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To: Olog-hai

I don’t know if it was good or bad. I do know that the bankruptcy laws need to go back to what they were, and be inclusive of school loans as well as tax debt.

Somewhere along the way we got real crappy towards the poor, and real good to the banks and attorneys, the auto pawns and payday loan centers.


6 posted on 11/01/2017 10:43:16 PM PDT by Dogbert41 (Jerusalem is the city of The Great King!)
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Consumer Financial Protection Bureau is the poster child of bad bureaucratic legislation.


7 posted on 11/02/2017 12:36:12 AM PDT by D-fendr (Deus non alligatur sacramentis sed nos alligamur.)
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To: Dogbert41

You want banks to be able to lend based on risk, not on PC.

Obama-era regulations went the wrong way.

Also want community banks and small brokers to be competitive against the big banks. Dodd-Frank and Obama’s regs and bailout went against that as well.


8 posted on 11/02/2017 12:45:01 AM PDT by D-fendr (Deus non alligatur sacramentis sed nos alligamur.)
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To: Dogbert41

Why should school loans be included in bankruptcy? It’s unfair to students who make responsible choices and avoid them. Besides that, it would further incentivize colleges to keep raising costs. Besides that, students getting those loans would be starting out with an attitude that it’s okay to get in impossible debt because they don’t have to pay it anyway.


9 posted on 11/02/2017 2:01:51 AM PDT by grania (Deplorable and Proud of It!)
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To: Olog-hai

Class action suits inevitable reap huge profits for the lawyers and do nothing for the “complainants”...nothing in the bill to stop individuals from seeking justice if they have a case...


10 posted on 11/02/2017 3:49:06 AM PDT by trebb (Where in the the hell has my country gone?)
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To: Southack

“Yup. It was a shakedown law designed to reward trial lawyers.”

As well as a hammer used by the swamp to influence behavior. Think of what led to the crash of ‘08.


11 posted on 11/02/2017 6:55:32 AM PDT by jdsteel (Give me freedom not more government)
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To: grania

If school loans were included in bankruptcy, then you could not get them for stupid worthless degrees, because no bank or lending agency would do it if they were actually responsible for the money. Also, universities would immediately stop the moronic sjw studies because nobody would pay for it


12 posted on 11/02/2017 7:55:40 AM PDT by Dogbert41 (Jerusalem is the city of The Great King!)
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To: Dogbert41
....they would immediately stop the moronic sjw studies because nobody would pay for it....

That would be nice. No lending institution would dare do that. It would be deemed discriminatory.

13 posted on 11/02/2017 8:41:39 AM PDT by grania (Deplorable and Proud of It!)
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