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Republicans vote to give lawsuit immunity to banks

Imperial

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Republicans vote to give lawsuit immunity to banks
« on: October 25, 2017, 04:08:30 AM »
https://thinkprogress.org/in-the-dead-of-night-republicans-vote-to-give-lawsuit-immunity-to-banks-d6504eab6b86/

Tuesday night, as many Americans were preparing to go to bed, an evenly divided Senate voted to give broad lawsuit immunity to credit card companies, auto lenders, credit reporting companies like Equifax, and many other financial firms. The 50-50 tie in the Senate was broken by Vice President Mike Pence (R), and the House approved the lawsuit immunity measure. President Trump is expected to sign it.

The resolution passed by the Senate overrides a rule created by the Consumer Financial Protection Bureau (CFPB), which prevents many financial firms from engaging in two abusive practices. The rule prohibited much of the financial industry from using “forced arbitration” agreements — a common tactic where a company refuses to do business with consumers who will not sign away their right to sue the company in a real court.

Consumers who sign away their right to sue must resolve any disputes with the company in a privatized arbitration system that favors corporate parties.

Additionally, the CFPB rule prohibited credit card companies and many other financial firms from requiring consumers to sign away their right to bring class action lawsuits, a form of litigation that ensures that companies that charge certain illegal fees to consumers face a consequence for their actions.

The vote is a major victory for the banking industry. Every Senate Democrat voted to preserve the CFPB rule, as did Republican Sens. Lindsay Graham (R-SC) and John Kennedy (R-LA). All other Republicans voted to reverse the CFPB rule.

Tuesday evening’s vote also effectively strips the CFPB of much of its authority to rein in abusive arbitration clauses. Under the Congressional Review Act, CFPB cannot issue a rule “in substantially the same form” to one that is approved by Congress.

It’s worth noting that the 50 senators who supported the CFPB rule represent well over 30 million more people than the 50 senators who voted to rescind it. But, in the Devil’s arithmetic that governs the United States Senate, the will of the people plays only a minor role in determining who controls the Senate.
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LiquidSailor

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #1 on: October 25, 2017, 04:27:28 AM »
I love that Pence is such a fucking scumbag that he gets to constantly pop in and be the tie breaker for the worst legislation over and over again.

That guy sure acts like the bible thumping faggot he claims to be, right?

DIGUSTING

Dlbiininja

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #2 on: October 27, 2017, 11:28:46 PM »
Yep, so when say Bank of America fucks people in their home loans or Wells Fargo decides it's acceptable to create a secret hidden account for you and they fuck your credit for life or whatever else.  You're stuck with their shit decision.
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NeoGreenLantern

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #3 on: October 27, 2017, 11:40:52 PM »
WHOOO MAGA! DRAIN THE SWAMP!! KILL THE NI.. um.. er... LOCK HER UP!

good save

AP

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #4 on: October 27, 2017, 11:45:53 PM »
The Republicans have gone full Republican this administration.

Propeus The Fallen

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #5 on: October 28, 2017, 01:15:30 AM »
You think this is bad, just wait until they get to tax reform!! :)

AP

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #6 on: October 28, 2017, 03:54:00 AM »
So glad I'm moving to Canada after Korea.

GeneralPresidentSkeletor

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #7 on: October 28, 2017, 04:33:48 AM »
So glad I'm black. I don't have to deal with bank shit (usually). I mostly have to deal with racist shit and cops, which I've been doing all of my life so I'm going to be fine. Good luck with all of your "white people problems", folks!

Propeus The Fallen

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #8 on: October 28, 2017, 04:38:50 AM »
Oh listen to you. "I'm black and life's unfair." "People don't like me kneeling." "I don't get the same job opportunities" "Those statues scare me." "Officer why are you beating me when Prop was the one who was driving the car?"

It's always about you. :)


You got a 401K?

80sBaby

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #9 on: October 28, 2017, 08:06:47 AM »
So glad I'm black. I don't have to deal with bank shit (usually). I mostly have to deal with racist shit and cops, which I've been doing all of my life so I'm going to be fine. Good luck with all of your "white people problems", folks!

Pretty much. I was going to repair my credit so I could do some more things but damn that! I'm gonna start a savings account in my mattress.

herochat

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #10 on: October 28, 2017, 10:56:02 AM »
So glad I'm black. I don't have to deal with bank shit (usually). I mostly have to deal with racist shit and cops, which I've been doing all of my life so I'm going to be fine. Good luck with all of your "white people problems", folks!

Having drawn out arguments on the merits of candy corn is literally one of the whitest things I can imagine
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80sBaby

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #11 on: October 28, 2017, 11:05:50 AM »
My white coworkers do that. Then I noticed a few days ago that my black friends were doing it on FB.

NeoGreenLantern

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #12 on: October 28, 2017, 11:38:15 AM »
A lot of people were doing it on FB.

80sBaby

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #13 on: October 28, 2017, 01:14:34 PM »
Who knew candy corn was so divisive?

NeoGreenLantern

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Re: Republicans vote to give lawsuit immunity to banks
« Reply #14 on: October 28, 2017, 02:27:24 PM »
thats the country we live in now. We are divided between those who hate candy corn and those who are wrong.