Mileage Psycho Posted November 25, 2017 Share Posted November 25, 2017 I remember Trump saying he was going to take on Wall Street, I don't see that happening here. Quote Senate kills rule that made it easier to sue banks (CNN)Vice President Mike Pence cast the tie-breaking vote Tuesday night to repeal a rule that made it easier for Americans to sue their banks and credit card companies. Senators passed the measure by a vote of 51-50, handing Wall Street its first major win since President Donald Trump took office in January. Two Republican senators, Lindsey Graham of South Carolina and John Kennedy of Louisiana, sided with Democrats in opposition to the resolution. Wiping out the rule would affect tens of millions of Americans who often don't know they are covered by an arbitration clause when they sign up for a credit card, checking account or prepaid card. Many companies tuck arbitration clauses into contracts as a way to resolve disputes outside the court system, making it harder for an individual to bring a case against a bank or credit card company. "Tonight's vote is a giant setback for every consumer in this country," Richard Cordray, the head of the Consumer Financial Protection Bureau said in a statement. "Wall Street won and ordinary people lost." Republicans have balked at plans by the consumer agency to bar companies from using arbitration clauses to stop consumers from bringing class-action suits. They've argued the rule issued in July was an egregious overstep Cordray, an Obama appointee. "Tonight's vote is a giant setback for every consumer in this country," Cordray said in a statement. "Wall Street won and ordinary people lost." Senate banking committee Chairman Mike Crapo blamed the agency for failing to re-examine the rule and develop alternatives. "The CFPB chose an all-or-nothing approach, leaving Congress no choice but to overturn it," Crapo said in a statement. The party-line vote is one of the last steps before the CFPB rule can be wiped out by Trump. The House voted 231-190 in July to overturn the rule. The measure now goes to the President's desk for his signature. The White House lauded the move by senators as Congress standing up for everyday consumers. "The evidence is clear that the CFPB's rule would neither protect consumers nor serve the public interest," the White House said in a statement. Instead, "consumers would have fewer options for quickly and efficiently resolving financial disputes." Including Tuesday's action, GOP lawmakers have used procedures under the Congressional Review Act 14 times this year to kill rules completed during the final days of Barack Obama's presidency. On Monday, the Treasury Department released a report opposing the rule, saying it would favor trial lawyers over consumers by prompting frivolous lawsuits. Democrats such as Senate Minority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren defended the rule this week. "This bill is a giant wet kiss to Wall Street," said Warren on the Senate floor Tuesday night as she defended maintaining the rule. "Bank lobbyists are crawling all over this place, begging Congress to vote and make it easier for them to cheat consumers." Republican lawmakers argue the CFPB's own study shows consumers get more money in their pockets when they use arbitration as opposed to hiring expensive class-action trial lawyers. Financial industry and business trade groups welcomed the latest step by Republican senators to eradicate the CFPB's rule. "Arbitration results in better and quicker outcomes for consumers," said US Chamber of Commerce President and CEO Thomas Donohue in a statement. Consumer advocates, however, said the vote was a tremendous setback for Americans, and that it offered companies like Wells Fargo and Equifax "a get-out-of-jail-free card." "This repeal will hurt millions of consumers across the country by denying them their rightful day in court when they get screwed over by financial predators," Karl Frisch, executive director of Allied Progress, a consumer watchdog group, said in a statement. http://www.cnn.com/2017/10/24/politics/senate-cfpb-arbitration-repeal/index.html Quote Link to comment Share on other sites More sharing options...
Mainecat Posted November 25, 2017 Share Posted November 25, 2017 I will be glad when they walk him and his family out in cuffs. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 25, 2017 Platinum Contributing Member Share Posted November 25, 2017 7 minutes ago, Mainecat said: I will be glad when they walk him and his family out in cuffs. Who...the senates families? Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted November 25, 2017 Author Share Posted November 25, 2017 1 minute ago, Jimmy Snacks said: Who...the senates families? He means Trump, I'm sure you knew that..... Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 25, 2017 Platinum Contributing Member Share Posted November 25, 2017 (edited) 1 minute ago, Mileage Psycho said: He means Trump, I'm sure you knew that..... I know what he meant but he should take this issue up with the senate....the old fucker wakes up with pissy sheets and he blames Trump. Edited November 25, 2017 by Jimmy Snacks Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted November 25, 2017 Author Share Posted November 25, 2017 Just now, Jimmy Snacks said: I know what he meant but he should take this issue up with the senate....the old fucker wakes up with pissy sheets and he blames Trump. It's Trump's signature on the measure that will kill the rule Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 25, 2017 Platinum Contributing Member Share Posted November 25, 2017 1 minute ago, Mileage Psycho said: It's Trump's signature on the measure that will kill the rule OK...when he signs I'll listen to MC's same old tired comments about the guy. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted November 25, 2017 Share Posted November 25, 2017 Pay attention old Jimmy Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 25, 2017 Platinum Contributing Member Share Posted November 25, 2017 2 minutes ago, Mainecat said: Pay attention old Jimmy I am...you blame Trump for everything including your poopy underwear. Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted November 25, 2017 Author Share Posted November 25, 2017 5 minutes ago, Jimmy Snacks said: OK...when he signs I'll listen to MC's same old tired comments about the guy. Do you have doubts about him signing it? Actually it would be a strong statement if Trump didn't sign it. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 25, 2017 Platinum Contributing Member Share Posted November 25, 2017 Just now, Mileage Psycho said: Do you have doubts about him signing it? Actually it would be a strong statement if Trump didn't sign it. Maybe he will surprise us all and not sign. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted November 25, 2017 Share Posted November 25, 2017 32 minutes ago, Mileage Psycho said: Do you have doubts about him signing it? Actually it would be a strong statement if Trump didn't sign it. I'd like to hear their arguments first before I pass judgement on this issue. I do know that credit card fraud and deadbeats cost all of us hundreds of millions in increased fees, I'd like to see something done about that too. Quote Link to comment Share on other sites More sharing options...
Anler Posted November 25, 2017 Share Posted November 25, 2017 13 minutes ago, DriftBusta said: I'd like to hear their arguments first before I pass judgement on this issue. I do know that credit card fraud and deadbeats cost all of us hundreds of millions in increased fees, I'd like to see something done about that too. Yeah me too, I'm not a fan of these tort lawyers. They are always looking to sue somebody (somebody with deep pockets) and the litigants get pennies while the lawyers make millions. 1 Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted November 26, 2017 Author Share Posted November 26, 2017 How is denying someone a day in court right? If a consumer wants to sue they should have The right to sue and not be forced into arbitration. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted November 26, 2017 Share Posted November 26, 2017 1 hour ago, Mileage Psycho said: How is denying someone a day in court right? If a consumer wants to sue they should have The right to sue and not be forced into arbitration. end of the day which puts the consumer in a better place. Class action lawsuits certainly have minimal benefit to consumers but huge benefits to a handful of lawyers. We all know we have a tort issue in this country and many things would be better served through arbitration Quote Link to comment Share on other sites More sharing options...
Mainecat Posted November 26, 2017 Share Posted November 26, 2017 23 hours ago, DriftBusta said: I'd like to hear their arguments first before I pass judgement on this issue. I do know that credit card fraud and deadbeats cost all of us hundreds of millions in increased fees, I'd like to see something done about that too. Cc companies thrive on dead beats. Quote Link to comment Share on other sites More sharing options...
Anler Posted November 26, 2017 Share Posted November 26, 2017 1 hour ago, Mileage Psycho said: How is denying someone a day in court right? If a consumer wants to sue they should have The right to sue and not be forced into arbitration. I'm all about suing somebody that has it coming but you know how alot of this shit works. These fucking blood suckers just scan everything looking for something to sue over and then runs ads on the tv and radio to get as many litigants as possible. I would much rather see stricter consumer protection laws for banks then enable these blood sucking Jews. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted November 26, 2017 Share Posted November 26, 2017 1 hour ago, Mainecat said: Cc companies thrive on dead beats. Get beat out of money by them. Sounds legit. Quote Link to comment Share on other sites More sharing options...
hwytohell Posted November 26, 2017 Share Posted November 26, 2017 I remember that POTUS 44 telling all the people that he was going to lock up the banksters , till he found out his party and future wealth is controlled by the same dembanksters he complained about on the election stump. Rinse and repeat. Quote Link to comment Share on other sites More sharing options...
racer254 Posted November 26, 2017 Share Posted November 26, 2017 I will wait to pass judgement on this, but who really wants to make it easier for LAWYERS to sue? Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted November 26, 2017 Share Posted November 26, 2017 (edited) 47 minutes ago, racer254 said: I will wait to pass judgement on this, but who really wants to make it easier for LAWYERS to sue? For that matter who here has ever had to sue a bank? Edited November 26, 2017 by DriftBusta Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 26, 2017 Platinum Contributing Member Share Posted November 26, 2017 2 hours ago, DriftBusta said: For that matter who here has ever had to sue a bank? Sue everybody! Quote Link to comment Share on other sites More sharing options...
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