Publication

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.

Treasury reports CFPB arbitration rule would impose extraordinary costs

The Consumer Financial Protection Bureau’s arbitration rule is once again under fire – this time from the U.S. Department of the Treasury.

This new rule would ban companies from using mandatory arbitration clauses, allowing consumers to participate in class-action lawsuits.

DODD-FRANK HEARING PREP

CBA President and CEO Richard Hunt ahead of Wednesday’s mark-up: “Designating risk based on how big a financial institution is does not make sense and it hurts consumers. Allowing regulators to take a big-picture view of risk by looking at the activities a financial institution undertakes instead of a simple assets threshold is more telling and can reduce unnecessary compliance burdens that limit credit availability to consumers.”

Be your own bank guard if your account is at risk

Maybe you saw a suspicious charge on your bank statement. Or your debit card is missing from your wallet. If you believe your account is at risk, you need to act fast. Your money could be in jeopardy.

Payday loans face new challenge: Can borrowers afford them?

Lenders that offer payday loans and other small advances to cash-strapped consumers must first determine if the borrowers can afford to repay the debt under a long-awaited federal rule finalized Thursday.

The rule, adopted by the Consumer Financial Protection Bureau, also would curtail repeated attempts by the lenders to debit payments from borrowers’ bank accounts, a practice that racks up mounting fees and can trigger account closures.

Pages