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Senate poised to repeal new rule allowing consumer class actions
Source: Reuters
#BUSINESS NEWS SEPTEMBER 26, 2017 / 2:18 PM / UPDATED 30 MINUTES AGO
Senate poised to repeal new rule allowing consumer class actions
Lisa Lambert, Pete Schroeder
3 MIN READ
WASHINGTON (Reuters) - The U.S. Senate will soon likely vote to kill a new ban on banks and credit card companies requiring customers to surrender their right to sue in order to open accounts, according to aides, lobbyists and activists.
Once Republican lawmakers either pass or abandon their latest effort to redo healthcare, which could happen as early as Tuesday evening, they will take up a resolution to kill a Consumer Financial Protection Bureau rule finalized in July, according to multiple lobbyists. The resolution passed the House of Representatives last month.
The rule says financial companies must allow customers to participate in class actions, lawsuits where people alleging the same wrong band together to cover litigation costs, and cannot force them to only settle disputes in closed-door arbitration.
Republicans are optimistic they can carry the resolution over the simple-majority threshold required by the Congressional Review Act, lobbyists said. After that, a signature from President Donald Trump, a fellow Republican, will nullify the rule and bar the CFPB from ever enacting a similar regulation.
-snip-
Senate poised to repeal new rule allowing consumer class actions
Lisa Lambert, Pete Schroeder
3 MIN READ
WASHINGTON (Reuters) - The U.S. Senate will soon likely vote to kill a new ban on banks and credit card companies requiring customers to surrender their right to sue in order to open accounts, according to aides, lobbyists and activists.
Once Republican lawmakers either pass or abandon their latest effort to redo healthcare, which could happen as early as Tuesday evening, they will take up a resolution to kill a Consumer Financial Protection Bureau rule finalized in July, according to multiple lobbyists. The resolution passed the House of Representatives last month.
The rule says financial companies must allow customers to participate in class actions, lawsuits where people alleging the same wrong band together to cover litigation costs, and cannot force them to only settle disputes in closed-door arbitration.
Republicans are optimistic they can carry the resolution over the simple-majority threshold required by the Congressional Review Act, lobbyists said. After that, a signature from President Donald Trump, a fellow Republican, will nullify the rule and bar the CFPB from ever enacting a similar regulation.
-snip-
Read more: http://www.reuters.com/article/us-usa-consumers-arbitration/senate-poised-to-repeal-new-rule-allowing-consumer-class-actions-idUSKCN1C12MA
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