GOP Eager to Repeal Rule that Allows Consumers to Sue Conniving Banks

[turbinetree]

As Lisa Servon writes in her thorough survey for the Prospect’s summer issue of the Consumer Financial Protection Bureau’s prospects under the Trump administration, “It took Congress 66 years to undo Glass-Steagall in 1999. It may take less than a decade to undo the reforms brought about by Dodd-Frank, including the CFPB.”

It may take the Republican-controlled Congress even less time to undo a landmark rule issued Monday by the consumer watchdog agency that will widely forbid mandatory arbitration clauses in consumer contracts. Banks, credit-card companies, and other financial-services firms will no longer be able to force individual consumers into corporate-friendly mandatory arbitration hearings to settle disputes.

http://prospect.org/article/gop-eager-repeal-rule-allows-consumers-sue-conniving-banks

[hedda_foil]

1. Well of course they are. They have to show they're worth their patron's sponsorship $$$$.

After all if they don't perform, the Big bucks will might just go to some even more cringeworthy idiot. Worse, they'll start seeing scurrilously negative ads calling him an immoral, Christless liberal babykiller.

[Gothmog]

2. Mandatory arbitration is not American