Senate Immunizes Wells Fargo, Equifax and Other Financial Wrongdoers From Consumer Lawsuits

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CFPB Arbitration Rule Overturned on Vice-President’s Tiebreaker

Wednesday, October 25, 2017

The following statement can be attributed to U.S. PIRG Consumer Program Director Ed Mierzwinski

“Last night’s vote by the Senate to reject the Consumer Bureau’s new rule that would have allowed consumers to band together in class action lawsuits serves Wells Fargo, Equifax and other corporate wrongdoers well. It leaves consumers, including veterans and servicemembers, unable to self-police an epidemic of financial crime. Since the Vice-President had to cast the tiebreaking vote on a 50-50 deadlock, it is dubious to expect the President to veto the resolution, even though it harms average Americans.

Reckless Wall Street chiefs and predatory payday lenders have now won a Congressional green light to pick consumer pockets with unfair and deceptive fees and practices. It is now U.S. policy to keep victims of financial wrongdoing from the courthouse doors. We now must redouble our efforts to defend the Consumer Financial Protection Bureau itself as corporate wrongdoers and the U.S. Chamber of Commerce relentlessly seek to dismantle it.”

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