Posted on 11/01/2017 10:00:29 PM PDT by Olog-hai
President Donald Trump on Wednesday signed the repeal of a banking rule that would have allowed consumers to join together to sue their bank or credit card company to resolve financial disputes.
The president signed the measure at the White House in private. Journalists were not present to witness the signing.
The Republican-led Senate narrowly voted to repeal the Consumer Financial Protection Bureau’s regulation, which the banking industry had been seeking to roll back.
The Trump administration and Republicans have pushed to undo regulations they say harm the free market and lead to frivolous lawsuits. …
(Excerpt) Read more at hosted.ap.org ...
Was this a piece of Dodd-Frank?
Wells Fargo must be thrilled.
At first I was like WTF how is this winning. But then I learned the average person in these class action suits wins like literally only $32. And the only winners are the class action suit lawyers, who are predominantly leftists, who then use that money to fund Alt Left and SJW causes
Yup. It was a shakedown law designed to reward trial lawyers.
I don’t know if it was good or bad. I do know that the bankruptcy laws need to go back to what they were, and be inclusive of school loans as well as tax debt.
Somewhere along the way we got real crappy towards the poor, and real good to the banks and attorneys, the auto pawns and payday loan centers.
Consumer Financial Protection Bureau is the poster child of bad bureaucratic legislation.
You want banks to be able to lend based on risk, not on PC.
Obama-era regulations went the wrong way.
Also want community banks and small brokers to be competitive against the big banks. Dodd-Frank and Obama’s regs and bailout went against that as well.
Why should school loans be included in bankruptcy? It’s unfair to students who make responsible choices and avoid them. Besides that, it would further incentivize colleges to keep raising costs. Besides that, students getting those loans would be starting out with an attitude that it’s okay to get in impossible debt because they don’t have to pay it anyway.
Class action suits inevitable reap huge profits for the lawyers and do nothing for the “complainants”...nothing in the bill to stop individuals from seeking justice if they have a case...
“Yup. It was a shakedown law designed to reward trial lawyers.”
As well as a hammer used by the swamp to influence behavior. Think of what led to the crash of ‘08.
If school loans were included in bankruptcy, then you could not get them for stupid worthless degrees, because no bank or lending agency would do it if they were actually responsible for the money. Also, universities would immediately stop the moronic sjw studies because nobody would pay for it
That would be nice. No lending institution would dare do that. It would be deemed discriminatory.
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