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

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

Post by RevTheory » Wed Nov 01, 2017 9:37 am

Arbitration is always cheaper. There's no sense jeopardizing thousands and thousands of customers and an entire bank along with all the loans and mortgages they're servicing because a group of expensive lawyers got together and over-sued the hell out of them for their 30% take.

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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 9:53 am

engineczar wrote:
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.
better read it again.... #-o
Bank lobby groups launched a fresh attack on Friday on a new U.S. rule that restores customers’ ability to band together to sue financial companies, filing a legal challenge in Texas that said the rule was based on flawed data and could harm consumers.

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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 9:58 am

RevTheory wrote:
Wed Nov 01, 2017 9:37 am
Arbitration is always cheaper.
For the banks.

engineczar
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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 10:11 am

sanfordandson wrote:
Wed Nov 01, 2017 9:53 am

better read it again.... #-o
Bank lobby groups launched a fresh attack on Friday on a new U.S. rule that restores customers’ ability to band together to sue financial companies, filing a legal challenge in Texas that said the rule was based on flawed data and could harm consumers.
I think you should read it again. The lobbyists are attacking the change that Trump wants to implement.

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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 10:22 am

engineczar wrote:
Wed Nov 01, 2017 10:11 am
sanfordandson wrote:
Wed Nov 01, 2017 9:53 am

better read it again.... #-o
Bank lobby groups launched a fresh attack on Friday on a new U.S. rule that restores customers’ ability to band together to sue financial companies, filing a legal challenge in Texas that said the rule was based on flawed data and could harm consumers.
I think you should read it again. The lobbyists are attacking the change that Trump wants to implement.
Incorrect. I think you are confused by the term "new rule"

The rule which this article calls "new"...allowing consumers to sue, was put in place in July of this year by the CFPB

the bank lobbys sued to get this new rule recinded. The new rule was removed by congress and signed by trump. Now people cannot sue the banks.

here is another link that may be more clear.

http://fortune.com/2017/10/25/senate-vo ... bitration/

There is no reason the banks would lobby against a rule they are in favor of that was already on the books...

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