‘This was the Wells Fargo Immunity Act’: Consumers lose the right to sue companies

Consumers lose the right to sue companies

According to Yahoo

Vice President Mike Pence broke a 50-50 tie on the Senate floor Tuesday evening to repeal a rule that prevents financial institutions — banks and credit card companies, for example — from striking lawsuits filed by wronged consumers.

The Consumer Financial Protection Bureau, which was built out of the financial crisis, created the rule after five years of studying forced arbitration clauses, the fine print inserted by companies to insulate them from lawsuits, instead sending them to arbitration.

“Congress is standing up for everyday consumers and community banks and credit unions, instead of the trial lawyers, who would have benefited the most from the CFPB’s uninformed and ineffective policy,” said the White House in a press release.

For the 145 million consumers who watched Equifax play fast and loose with their financial data, it may be difficult to see how allowing companies to kill class-action lawsuits is a good thing.

“Tonight’s vote is a giant setback for every consumer in this country,” said Richard Cordray, the CFPB director, in a statement. “As a result, companies like Wells Fargo and Equifax remain free to break the law without fear of legal blowback from their customers.”

Once again, we see Trump attacking a system strings that Obama set up for the people.

Ask yourself, what can be gained from the people losing power, even if it’s meaningless.

How can this be a good thing?