Equifax shows Republicans must end attacks on financial regulation
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Source: The Hill
It’s time for the Senate Republicans working to roll back a vital consumer safeguard just issued by the U.S. Consumer Financial Protection Bureau (CFPB) to say “uncle.” After Equifax, the accumulated weight of evidence is just too much, no matter how much congressional opponents of the CFPB may want to please their political financiers.
In July, the CFPB issued a rule prohibiting rip-off clauses — perhaps the single most important tool that big banks and financial companies have used to escape accountability for cheating, conning, fleecing, defrauding and plundering consumers — in the fine print of consumer financial contracts. The common-sense CFPB rule would ban contract terms that prohibit consumers from joining together to hold banks and other financial companies accountable for wrongdoing through class-action lawsuits.
Republicans in Washington aim to overturn the rule using an obscure tool known as the Congressional Review Act (CRA). Shortly after the CFPB finalized its rule, the House of Representatives voted to reverse the agency’s action, and the Senate has until early November to take action. Under the terms of the CRA, opponents of the rule need only garner a majority of votes.
Read more: http://thehill.com/business-a-lobbying/351381-equifax-shows-republicans-must-end-attacks-on-financial-regulation
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