The U.S. Senate is expected to overturn a new ban on banks and credit card companies requiring customers to surrender their right to sue in order to open accounts.
According to a Reuters news report, now that their most recent attempt to repeal Obamacare has failed, Republican lawmakers are ready to pass a resolution to undo a Consumer Financial Protection Bureau (CFPB) rule finalized in July.
The resolution, which passed the House of Representatives last month, says financial companies must allow customers to participate in class-action lawsuits, and cannot be forced to only settle disputes in closed-door Arbitration.
The clauses are commonplace for Trump’s family businesses: Trump hotels, golf clubs and winery all require customers to sign away rights to join class actions.
And recently, many were outraged when Equifax initially included arbitration clauses in free credit monitoring it offered to victims of its massive data breach.
- Senate poised to repeal new rule allowing consumer class actionsReuters
- CFPB survey finds 40% of Americans struggle to pay billsAmerican Banker (subscription)
- Senate to soon vote to rescind new CFPB arbitration ruleHousingWire
- 43 percent of adults struggle to make ends meet, CFPB findsWashington Examiner
- Does Being a Homeowner Contribute to Your Financial Well-Being?The MReport
- Federal Partnership Created To Protect Student Borrowers EndedWyoming Public Media
- Financial health of US adults 'varies widely' -government surveyKitco News
- Senate Republicans Plan to Sneakily Gut Major Consumer Protection RuleThe Intercept
- CFPB Report Finds Seniors More Financially Comfortable Than Younger AmericansReverse Mortgage Daily