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Consumers may have a harder time suing financial companies they feel have wronged them.
The Senate voted Tuesday night to overturn a rule the Consumer Financial Protection Bureau worked on for more than five years. The final version of the rule banned companies from putting “mandatory arbitration clauses” in their contracts, language that prohibits consumers from bringing class-action lawsuits against them. It applies to institutions that sell financial products, including bank accounts and credit cards.
[...] “By forcing consumers into secret arbitration, corporations have long enjoyed an advantage in the process, and victims have often been precluded from sharing their stories with the press or law enforcement,” said Vanita Gupta, the president and CEO of the Leadership Conference on Civil and Human Rights, a group of advocacy organizations based in Washington, D.C.
[...] Mandatory arbitration clauses typically say that companies or customers must resolve disputes through privately appointed individuals known as arbitrators, but not through the court system, allowing companies to save time and money and avoid negative publicity. When consumers sign forced arbitration clauses, which they may not realize are included in contracts, they waive their right to participate in a class-action lawsuit against companies.
[...] The Senate's vote against the CFPB’s rule “is a win for consumers,” said Rob Nichols, the president and CEO of the trade group American Bankers Association. “As we and others made clear in our multiple comments to the CFPB, the rule was always going to harm consumers and not help them.”
Source: MarketWatch
(Score: 2) by The Mighty Buzzard on Tuesday October 31 2017, @03:57PM (10 children)
s/current //
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Tuesday October 31 2017, @04:40PM (2 children)
I can think of some sitting Senators I would gladly trade for a horse.
(Score: 4, Insightful) by The Mighty Buzzard on Tuesday October 31 2017, @04:55PM (1 child)
I'd trade any of them for a bag of runny shit and be certain I got the better end of the deal. Not even a zip-lock bag. A paper one.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Tuesday October 31 2017, @05:48PM
Unfortunately, I know of no precedent for bags on the Senate. The Romans can't think of everything!
(Score: 1, Funny) by Anonymous Coward on Tuesday October 31 2017, @04:53PM (4 children)
Care to enlighten us as to what this new net grammar is all about? I would guess some sort of /sarcasm mixed with current, so I assume you're saying they have always been corrupt.
(Score: 2) by The Mighty Buzzard on Tuesday October 31 2017, @04:58PM
It's not new. It's very old. sed [die.net]
My rights don't end where your fear begins.
(Score: 1, Informative) by Anonymous Coward on Tuesday October 31 2017, @05:43PM
It's not net net grammar. It's very old syntax for substitute command and it's *currently* used often as part of regular expressions. ( https://www.google.com/search?q=substitute+regular+expression [google.com] )
s/current //
means you substitute "current " with "". Yeah? So basically, you erase "current "
Hope that clears it for ya.
(Score: 5, Interesting) by maxwell demon on Tuesday October 31 2017, @05:51PM
New net grammar? This is older than the World Wide Web. Get off my lawn!
The Tao of math: The numbers you can count are not the real numbers.
(Score: 2) by Azuma Hazuki on Wednesday November 01 2017, @04:31AM
Seriously, Anon? Turn in your geek card. Even I know a little sed and regex...
I am "that girl" your mother warned you about...
(Score: 2) by captain normal on Wednesday November 01 2017, @05:52AM (1 child)
https://soylentnews.org/comments.pl?sid=22315&cid=590190 [soylentnews.org]
Everyone is entitled to his own opinion, but not to his own facts"- --Daniel Patrick Moynihan--
(Score: 2) by The Mighty Buzzard on Wednesday November 01 2017, @09:56AM
Give it a couple minutes. I'm sure the Senate Dems will do something outrageous before you finish reading this.
My rights don't end where your fear begins.