homersapien 11,367 Posted October 25, 2017 Share Posted October 25, 2017 NOT! The GOP Just Blocked Americans from Filing Class Action Suits Against Predatory Banks The vice president broke a 50-50 tie in the Senate. Republicans in the U.S. Senate held a vote late on Tuesday to overturn a new regulation that would have permitted class-action lawsuits against credit card companies and large banks. Every Democrat voted against the move, in an effort to keep the measure written by the Consumer Financial Protection Bureau. Only two Republicans crossed the aisle to support keeping the Consumer Financial Protection Bureau regulation: Sens. Lindsey Graham (SC) and John Kennedy (LA). Vice President Mike Pence cast the tie-breaking affirmative vote to overturn the regulation, which was set to go into effect in 2019. Senate Minority Leader Chuck Schumer (D-NY) issued a blistering statement against his Republican colleagues. “A yes vote is saying that you believe that Americans who get taken advantage of don’t have the right to seek recourse," he said. "A yes vote tells rapacious financial institutions that they can continue to hose consumers without any serious consequences or accountability because we all know average folks don’t have the ability to go to court on their own and sue.” President Donald Trump is expected to sign the measure without hesitation. Link to comment Share on other sites More sharing options...
HVAU 673 Posted October 25, 2017 Share Posted October 25, 2017 Finally, our government is standing up for those poor defenseless financial corporations. Link to comment Share on other sites More sharing options...
AUDub 11,147 Posted October 25, 2017 Share Posted October 25, 2017 1 hour ago, HVAU said: Finally, our government is standing up for those poor defenseless financial corporations. Too big to be held accountable. Link to comment Share on other sites More sharing options...
AUcivE09 582 Posted October 25, 2017 Share Posted October 25, 2017 I read this earlier today and have mixed feelings. On one hand it would be nice to hold them accountable, however, in most cases it is the borrower who bit off more than they could chew. I would expect the number of frivolous lawsuits to far far far outnumber any legitimate claims. In turn - we all end up paying a lot more. Not saying it is right to have to agree to arbitration - but it may very well be in all of our best interest. Link to comment Share on other sites More sharing options...
HVAU 673 Posted October 25, 2017 Share Posted October 25, 2017 I can see the frivolous lawsuit perspective, but I don't think it applies as relevantly here as in the medical industry, in which malpractice insurance costs are passed on to patients. On top of that, I have a difficult time watching Pence break the tie on a vote like this when he is lapdog to a man that is known for frivolity in legal matters. This is another example of Republicans toeing the corporate line, and disregarding the good of individuals. Link to comment Share on other sites More sharing options...
HVAU 673 Posted October 25, 2017 Share Posted October 25, 2017 This just slapped me in the face... 'Bureau Director Richard Cordray called the Senate vote “a giant setback for every consumer in this country” and urged Trump to veto the repeal legislation. “It robs consumers of their most effective legal tool against corporate wrongdoing,” Cordray said. “As a result, companies like Wells Fargo and Equifax remain free to break the law without fear of legal blowback from their customers.”' -LA Times Republicans really have those blue collar workers' best interest at heart. Link to comment Share on other sites More sharing options...
homersapien 11,367 Posted October 25, 2017 Author Share Posted October 25, 2017 3 hours ago, HVAU said: I can see the frivolous lawsuit perspective, but I don't think it applies as relevantly here as in the medical industry, in which malpractice insurance costs are passed on to patients. On top of that, I have a difficult time watching Pence break the tie on a vote like this when he is lapdog to a man that is known for frivolity in legal matters. This is another example of Republicans toeing the corporate line, and disregarding the good of individuals. Amen. Negating the basic right to sue in order to avoid "frivolous" lawsuits is akin to throwing the baby out with the bath water. Lawsuits are one of the few remaining checks on the oligarchal power of big business. Removing this sort of risk from the executive equation is exactly the sort of thinking that brought us the 2008 financial collapse. Link to comment Share on other sites More sharing options...
homersapien 11,367 Posted October 25, 2017 Author Share Posted October 25, 2017 21 hours ago, AUcivE09 said: I read this earlier today and have mixed feelings. On one hand it would be nice to hold them accountable, however, in most cases it is the borrower who bit off more than they could chew. I would expect the number of frivolous lawsuits to far far far outnumber any legitimate claims. In turn - we all end up paying a lot more. Not saying it is right to have to agree to arbitration - but it may very well be in all of our best interest. We're talking class action suits, not individual lawsuits (which are pretty much impractical in the first place). A class action suit - which by definition includes many common plaintiffs - suggests a possible pattern of bank behavior as a causative factor. I think it's in our best interests to have companies operate within basic guidelines of legality, much less decency. Where the bulk of responsibility lies in a dispute, is something better left to the legal system instead of arbiters with vested interests. Link to comment Share on other sites More sharing options...
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