Publication

Don’t bank on a return of this payday loan alternative

If you’ve been awaiting the return of a popular payday loan alternative, don’t hold your breath.

Trump repeals consumer arbitration rule, wins banker praise

President Trump on Wednesday signed a repeal of the Consumer Financial Protection Bureau’s rule on forced arbitration, winning praise from banking and business groups.

Trump approved the resolution to repeal the CFPB rule, meant to prevent banks and credit card companies from blocking customers from joining class-action lawsuits against them, in a private Oval Office signing.

Trump signs resolution killing CFPB arbitration rule

WASHINGTON — President Trump has signed the congressional measure invalidating the Consumer Financial Protection Bureau’s arbitration rule, killing the regulation that was unpopular with banks and other financial institutions.

The president signed H.J. Res. 111 in a closed meeting Wednesday afternoon, offering no public statement. The White House confirmed that the president signed the resolution in a statement to the White House press pool.

CFPB Payday Loan Limits Drawing Quieter Response Compared to Its Arbitration Rule

Over three weeks have passed since the Consumer Financial Protection Bureau finalized a rule that places new limits on small-dollar lending, but leading GOP lawmakers are giving mixed signals about whether members of Congress will aid the financial companies that oppose the regulation — unlike the months-long battle they waged to block a separate CFPB provision on mandatory arbitration clauses.

2 5 Arbitration vs. class action: What consumers should know about the differences

The U.S. Senate's vote to kill a rule that would allow consumers to file class-action lawsuits over disputes with banks, credit card companies and other financial service firms means that such cases will now likely be resolved through arbitration.

Who benefits from this?

Who benefits from this? Banks and large businesses. It will now be harder for consumers to take banks to court. The rule's repeal is one of the most significant and enduring victories for critics of the Dodd-Frank financial reform law, and was widely praised by groups like the U.S. Chamber of Commerce and the Consumer Bankers Association.

Read Sylvan Lane's story here

Congress Makes It Harder to Sue the Financial Industry

WASHINGTON—Congress overturned a rule by an Obama-appointed financial regulator that would have made it easier for consumers to sue banks in groups, with Vice President Mike Pence casting a tiebreaking vote in the Senate.

The 51-50 vote handed the financial industry its most significant legislative victory since President Donald Trump took office and was a rebuke of Consumer Financial Protection Bureau Director Richard Cordray, who pressed ahead with his agenda in defiance of Republicans.

Republicans help banks by scrapping pro-consumer rule

Republicans have handed US banks one of their biggest wins of the Trump era, striking down an Obama-era rule that would make it easier for consumers to sue them over wrongdoing. Mike Pence, US vice-president, stepped in late on Tuesday to deliver the killer blow in the effort to scrap the rule, securing a landmark victory for Republicans in their campaign to undo regulations perceived to be anti-business.

Republicans scrap consumer protecting class-action law

Republicans have handed US banks one of their biggest wins of the Trump era, striking down an Obama-era rule that would make it easier for consumers to sue them over wrongdoing. Mike Pence, US vice-president, stepped in late on Tuesday to deliver the killer blow in the effort to scrap the rule, securing a landmark victory for Republicans in their campaign to undo regulations perceived to be anti-business.

Congress Makes It Harder to Sue the Financial Industry

WASHINGTON—Congress overturned a rule by an Obama-appointed financial regulator that would have made it easier for consumers to sue banks in groups, with Vice President Mike Pence casting a tiebreaking vote in the Senate.

The 51-50 vote handed the financial industry its most significant legislative victory since President Donald Trump took office and was a rebuke of Consumer Financial Protection Bureau Director Richard Cordray, who pressed ahead with his agenda in defiance of Republicans.

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