Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

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sanfordandson
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Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by sanfordandson » Wed Oct 25, 2017 9:27 pm

http://www.businessinsider.com/gop-trum ... le-2017-10
On Tuesday, Congress passed a bill preventing an Obama-era regulation from taking effect that would have made it easier for consumers to file class-action lawsuits against financial firms, particularly banks.

The bill rescinded a rule from the Consumer Financial Protection Bureau that would strip language from certain financial agreements forcing consumers to settle grievances in arbitration instead of with a lawsuit.

Vice President Mike Pence needed to cast the tiebreaking vote passing the bill since Republican Sens. Lindsey Graham and John Kennedy voted against it.

The bill was the culmination of a long fight between Democrats and Republicans, with each side arguing that it was fighting in the interest of consumers.
Bank lobbyists got their way yet trump thinks consumers will win.... #-o

Swamp is overfull!

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by engineczar » Wed Oct 25, 2017 9:36 pm

sanfordandson wrote:
Wed Oct 25, 2017 9:27 pm
http://www.businessinsider.com/gop-trum ... le-2017-10
On Tuesday, Congress passed a bill preventing an Obama-era regulation from taking effect that would have made it easier for consumers to file class-action lawsuits against financial firms, particularly banks.

The bill rescinded a rule from the Consumer Financial Protection Bureau that would strip language from certain financial agreements forcing consumers to settle grievances in arbitration instead of with a lawsuit.

Vice President Mike Pence needed to cast the tiebreaking vote passing the bill since Republican Sens. Lindsey Graham and John Kennedy voted against it.

The bill was the culmination of a long fight between Democrats and Republicans, with each side arguing that it was fighting in the interest of consumers.
Bank lobbyists got their way yet trump thinks consumers will win.... #-o

Swamp is overfull!
One one hand maybe the bank lobbyists win but on the other hand trial lawyers win. No win situation for the little guy regardless of how it goes.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by sanfordandson » Wed Oct 25, 2017 10:12 pm

engineczar wrote:
Wed Oct 25, 2017 9:36 pm

One one hand maybe the bank lobbyists win but on the other hand trial lawyers win. No win situation for the little guy regardless of how it goes.

Not only do the lobbyists win but so do the banks.

With the latest issues regarding Wells Fargo and Equifax, the timing seems very odd.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by Firedome8 » Wed Oct 25, 2017 10:36 pm

Gop at work for their masters .

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by David Redszus » Thu Oct 26, 2017 4:26 pm

Dodd-Frank was/is a garbage piece of over-regulation foisted upon the public by Obama.
If an idiot takes out a bad loan, the bank becomes responsible for the idiot's reckless behavior.

What ever happened to individual responsibility? Look before you leap, dummy.

Caveat Emptor must prevail or we will all go down the shiiter.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by pdq67 » Sat Oct 28, 2017 2:32 am

OR, THEY are lining up everything so that when THEY dump the $Buck, the masses can't hold anybody responsible!

I was just thinking...

Some want a world currency so why don't we let the world in on the Fed so that everybody get's a piece of the $Buck's action??

Doing so will hopefully make the creation of a NWO currency a mute point.. Divvy up the $Buck by doing this by using each Country's worth as their percent... And f** the world banks and the ultra rich in the process if possible?

What's the down-side of doing this??

pdq67

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by exhaustgases » Tue Oct 31, 2017 3:32 am

That's so when the economy dumps the next time and everyone loses all their money, you can't get it back. When that day comes you will wish we had homesteading, at least you would have a place to live.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by David Redszus » Tue Oct 31, 2017 4:48 pm

exhaustgases wrote:
Tue Oct 31, 2017 3:32 am
That's so when the economy dumps the next time and everyone loses all their money, you can't get it back. When that day comes you will wish we had homesteading, at least you would have a place to live.
If you are really that concerned, stay out of the market and buy gold. The economy has always had a built-in correction factor; deal with it.

The Fed may be in for some changes when Trump replaces Janet Yellen with a competent Fed Chairman. We haven't had one since Volcker.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by lefty o » Tue Oct 31, 2017 5:21 pm

so under obamma's plan you would be forced into arbitration, and have to accept whatever. now rescinding that eo from the muslim, you have the right to arbitration or are still able to file a law suit. which is better for the little guy? only a damned liberal would think less options to resolve a problem are a good thing!! #-o

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by dirtracr5 » Tue Oct 31, 2017 5:36 pm

lefty o wrote:
Tue Oct 31, 2017 5:21 pm
so under obamma's plan you would be forced into arbitration, and have to accept whatever. now rescinding that eo from the muslim, you have the right to arbitration or are still able to file a law suit. which is better for the little guy? only a damned liberal would think less options to resolve a problem are a good thing!! #-o
If the new plan is so much better for consumers, why were the banks and wall street lobbying so hard to get the old rule recinded?

Pretty sure companies don'y lobby to cost themselves MORE money.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by exhaustgases » Tue Oct 31, 2017 10:52 pm

David Redszus wrote:
Tue Oct 31, 2017 4:48 pm
exhaustgases wrote:
Tue Oct 31, 2017 3:32 am
That's so when the economy dumps the next time and everyone loses all their money, you can't get it back. When that day comes you will wish we had homesteading, at least you would have a place to live.
If you are really that concerned, stay out of the market and buy gold. The economy has always had a built-in correction factor; deal with it.

The Fed may be in for some changes when Trump replaces Janet Yellen with a competent Fed Chairman. We haven't had one since Volcker.
Who can afford to gamble on the market? I sure can't.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by engineczar » Tue Oct 31, 2017 11:06 pm

dirtracr5 wrote:
Tue Oct 31, 2017 5:36 pm
Pretty sure companies don'y lobby to cost themselves MORE money.
I didn't see anywhere in the story that indicates that the banks were lobbying one way or the other. It would make more sense that the banks would have lobbied for just arbitration as opposed to giving the consumer a choice of arbitration or lawsuit.
I wouldn't put it by lying Liz Warren to side with the banks while screeching the opposite to the useful idiots.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by lefty o » Tue Oct 31, 2017 11:18 pm

engineczar wrote:
Tue Oct 31, 2017 11:06 pm
dirtracr5 wrote:
Tue Oct 31, 2017 5:36 pm
Pretty sure companies don'y lobby to cost themselves MORE money.
I didn't see anywhere in the story that indicates that the banks were lobbying one way or the other. It would make more sense that the banks would have lobbied for just arbitration as opposed to giving the consumer a choice of arbitration or lawsuit.
I wouldn't put it by lying Liz Warren to side with the banks while screeching the opposite to the useful idiots.
correct.

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by sanfordandson » Wed Nov 01, 2017 8:59 am

lefty o wrote:
Tue Oct 31, 2017 11:18 pm
engineczar wrote:
Tue Oct 31, 2017 11:06 pm
dirtracr5 wrote:
Tue Oct 31, 2017 5:36 pm
Pretty sure companies don'y lobby to cost themselves MORE money.
I didn't see anywhere in the story that indicates that the banks were lobbying one way or the other. It would make more sense that the banks would have lobbied for just arbitration as opposed to giving the consumer a choice of arbitration or lawsuit.
I wouldn't put it by lying Liz Warren to side with the banks while screeching the opposite to the useful idiots.
correct.
Not only did they lobby against it..they were so upset by it they filed a lawsuit..

https://www.reuters.com/article/us-usa- ... SKCN1C42Y2

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Re: Congress and Trump cave in to lobbyists, strip consumers of right to sue banks/financial firms

Post by engineczar » Wed Nov 01, 2017 9:24 am

sanfordandson wrote:
Wed Nov 01, 2017 8:59 am
Not only did they lobby against it..they were so upset by it they filed a lawsuit..

https://www.reuters.com/article/us-usa- ... SKCN1C42Y2
Which proves the point that the "big evil banks" favored the old rule.

So which is it? According to this
Firedome8 wrote:
Wed Oct 25, 2017 10:36 pm

Gop at work for their masters .
The big banks lobbied for Trump to change it. So what is it?

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