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David Dayen: It’s About to Get a Lot Easier to Sue Your Bank for Screwing You Over- unless the Republicans kill the new regulation

Everyone needs to write and/or call their Congressional Representatives and Senators and demand that they do not block the arbitration rule.

Livinglies's Weblog

It’s About to Get a Lot Easier to Sue Your Bank for Screwing You Over

Image by Lia Kantrowitz

Unless Republicans in Congress decide to kill a new regulation, that is.

It’s almost unheard of for the federal government to ban anything done by Wall Street bankers. Maybe the feds ask for banks to provide more disclosure or somehow limit a particularly onerous practice. But a ban, especially in this new era of industry friendliness ushered in by Donald Trump? Yeah, right.

That’s what makes the Monday announcement by the Consumer Financial Protection Bureau (CFPB), the watchdog agency conceived by Elizabeth Warren, so unique. A new rule promises to straight-up ban (in almost all cases) a harmful activity affecting consumers across America. It also sets up the ultimate put-up or shut-up moment for the Republican Congress: They can continue to whine about the agency…

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2 Responses

  1. We need Glass-Steagall reinstated. So what if they dump Dodd-Frank?! It’s merely a crutch for the banks enabling them to do nothing. And as for suing them, oh pleeeze! The courts have been protecting the same corrupt system for years. Remove Dodd-Frank and watch them fail. BTW David, foreclosure affects all Americans and no particular party affiliation. Why alienate half of your readership?

    Before you get on the abominable political see-saw, it’s time to take a break from right and left politics and look at the bigger picture. Both sides will try to obliterate the other, drowning in negativity while neither are on the best course for America. Crime (including bankster white collar) is too high, the degradation of ethics and morality is soaring, Globalization is choking the core values of our country and our schools and infrastructure are in need of radical repair… not to mention the political beasts have allowed the rape of the pension and retirement funds of millions of Americans for one purpose – blood money.

    No one on the left or right is really capable of overall misinforming America. And college degrees are not needed to see the damage the political systems have heaped upon the republic. You might however, ask why neither political party addresses the massive number of foreclosures in America over the last 10 years. Obviously, their degrees and political party views (i .e. $$ gains) limit the need to acknowledge such despair rather than do anything about it. BTW – it was the hardest hit foreclosure states that put Trump over the top. Yes, America overall is tired of the same old political rhetoric and “pay for play” found in the antiquated American political system.

    It’s as if the 2-party system has infiltrated each other and created an inbred species of political animal, hence the swamp. While it used to be the elite right that needed a boogeyman, it is now the trademark of the left. Activists funded by elite George Soros are no longer peaceful – they are full of hate mongering much like the right-wing nut job days of Rush Limbaugh, demonstrating with violence (the swamp also lives in the streets). Hillary admitted, because of her opulent lifestyle, she can no longer relate to the middle class, but admits she used to be one.
    Yes, its unsettling when we realize CNN hasn’t reported fairly, and we don’t need a PhD to understand the purpose of media influence. Yet, under the left oversight of the 1990s the FCC gave away the public trust of the broadcast airwaves allowing foreign ownership and property rights. Not to mention relaxing FCC guidelines and the once higher standards.

    Providing a political candidate televised debate questions is unquestionably unbalanced. Using the internal political party to undermine one of its own candidates is reprehensible. Writing emails that malign heritage(s) with no thought as to the potential for distribution is no less than pathetic and intolerant – which apparently the left has become and at least half of America finds despicable. Sounds more like the 1980s right than liberal left, doesn’t it? Another product of political inbreeding with the purpose to get ‘swamp rich’.
    Newt Gingrich’s book is worth reading to understand the American political rejection phenomenon and why Trump became President.

    Those of us in foreclosure defense over the last 8 years are needless to say disappointed with the previous administration’s handling of the banks, HAMP scam and quarterly net Sweep of the GSEs in order to prop up Obamacare with foreclosure blood money – Making America Homeless… not to mention mishandling investor funds. Fannie would and should have been dissolved had it not been for the concealed fact that Fannie, nka “financial agent for the United States” – is the intentional fraudulent concealment as the real party in interest in most foreclosures… Faking out the homeowners, their attorneys, the land records and the courts.

    Let’s move away from Republican vs. Democrat. Those in the Swamp are all the same. IYI – intellectual yet idiots. We need to get back to the basics… together and united.

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    • Thank you for your comments. I agree with you that they need to reinstate Glass-Steagall and that nothing will change unless people realize that the Republican vs. Democrat or left vs right paradigms are just tools used to divide everyone. Samuel P. Huntington said the two party system was an excellent way for the voters to feel that they actually had a choice when they threw the “rascals” out when the reality was that there is little or no difference between the two parties when it comes to the really important issues.

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