Congress Lets Banks Screw Their Customers: Forbids Lawsuits to Correct Problems
Yes, readers, it’s happened again. Yesterday the Republicans, by a 51-50 vote in the Senate (Vice President Pence cast the tie-breaking vote) and by an overwhelming majority in the House, have forbidden consumers to exercise their usual right to go to court when banks engage in outrageous practices. Our President is sure to sign the law when it reaches his desk; http://www.politico.com/story/2017/10/24/consumer-protection-arbitration-senate-pence-244140 . Banks love this. Now when the banks come up with new ways to screw customers, the customers will remain screwed, with no legal redress of any kind. Perhaps state attorneys general will take action against the banks (ho, ho, ho, given that most states have Republican administrations that are very bank-oriented) or perhaps state and federal bank regulators will do so (another ho, ho, ho, since in a Trumpian world Republicans are mostly in charge of those entities too). ...