What some call regulation others see as protectionism

A

archives

Verified User
"President Trump and Republicans in Congress handed Wall Street banks a big victory by effectively killing off a politically popular rule that would have allowed consumers to band together to sue their banks."

"The 51-50 vote in the Senate, with Vice President Mike Pence casting the deciding vote, means bank customers will still be subject to what are known as mandatory arbitration clauses. These clauses are buried in the fine print of nearly every checking account, credit card, payday loan, auto loan or other financial services contract and require customers to use arbitration to resolve any dispute with his or her bank. They effectively waive the customer’s right to sue."

https://www.seattletimes.com/business/big-banks-score-win-with-scrapping-of-consumer-dispute-rule/

Guess we know which side of the arguememt conservatives fall on
 
archives said:
"President Trump and Republicans in Congress handed Wall Street banks a big victory by effectively killing off a politically popular rule that would have allowed consumers to band together to sue their banks."

"The 51-50 vote in the Senate, with Vice President Mike Pence casting the deciding vote, means bank customers will still be subject to what are known as mandatory arbitration clauses. These clauses are buried in the fine print of nearly every checking account, credit card, payday loan, auto loan or other financial services contract and require customers to use arbitration to resolve any dispute with his or her bank. They effectively waive the customer’s right to sue."

https://www.seattletimes.com/business/big-banks-score-win-with-scrapping-of-consumer-dispute-rule/

Guess we know which side of the arguememt conservatives fall on
Click to expand...

Not the trial lawyers
 
archives said:
"President Trump and Republicans in Congress handed Wall Street banks a big victory by effectively killing off a politically popular rule that would have allowed consumers to band together to sue their banks."

"The 51-50 vote in the Senate, with Vice President Mike Pence casting the deciding vote, means bank customers will still be subject to what are known as mandatory arbitration clauses. These clauses are buried in the fine print of nearly every checking account, credit card, payday loan, auto loan or other financial services contract and require customers to use arbitration to resolve any dispute with his or her bank. They effectively waive the customer’s right to sue."

https://www.seattletimes.com/business/big-banks-score-win-with-scrapping-of-consumer-dispute-rule/

Guess we know which side of the arguememt conservatives fall on
Click to expand...

Americans need to pay attention to what these politicians ACTUALLY do.

Voting based on what they say is very irresponsible.

These right wingers are slowly undoing everything President Obama did to protect us from wall street, corporations and banks.
 
cawacko said:
What does the populace get out of class actions? What do the attorneys?
Click to expand...

The collective power to sue big entities, do you think an individual on his own is going to fare well taking on a Wells Fargo?

Think of the money a large bank or financial institution can generate by adding on small hidden costs to all of their customers accounts, do you think one victim of such is going get anywhere suing the bank on his own? would they even want to over a small amount?

The banks make out big time, consumers, the populace loses, deregulation wins over protectionism
 
Trying to defend these right wing actions by inserting the attorneys (as if they make a difference) is so transparent.

Just like the rest of the right wing issues, this supports deregulation for corporations, banks and the
1%.

Pay attention to what they do....not what they say.
 
archives said:
Does it make a difference, one less protection for the average consumer
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of course it does. It means the previous admin did not feel strong enough about this to make it take effect right away which leads me to question its importance.

You know what also protects the consumers? Not concentrating half the banking industry in 4 banks by making dodd-frank.
 
TTQ64 said:
Americans need to pay attention to what these politicians ACTUALLY do.

Voting based on what they say is very irresponsible.

These right wingers are slowly undoing everything President Obama did to protect us from wall street, corporations and banks.
Click to expand...

You mean like this politician and people voting based on what that lying piece of shit said:

 
How many here have been part of a class action suit?
And of you, how many have received anything at all?
I've been involved in 3 that I remember, never got anything,
not one dime, but the lawyers got millions. Fair enough?
 
archives said:
"President Trump and Republicans in Congress handed Wall Street banks a big victory by effectively killing off a politically popular rule that would have allowed consumers to band together to sue their banks."

"The 51-50 vote in the Senate, with Vice President Mike Pence casting the deciding vote, means bank customers will still be subject to what are known as mandatory arbitration clauses. These clauses are buried in the fine print of nearly every checking account, credit card, payday loan, auto loan or other financial services contract and require customers to use arbitration to resolve any dispute with his or her bank. They effectively waive the customer’s right to sue."

https://www.seattletimes.com/business/big-banks-score-win-with-scrapping-of-consumer-dispute-rule/

Guess we know which side of the arguememt conservatives fall on
Click to expand...

just out of curiosity, since the banks own the government, what other options do you think there are?
 
RB 60 said:
How many here have been part of a class action suit?
And of you, how many have received anything at all?
I've been involved in 3 that I remember, never got anything,
not one dime, but the lawyers got millions. Fair enough?
Click to expand...

We were part of a class action suit against a birth control product and my wife got close to $75K. It took about a year and a half to get the checks.
 
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