In a blow to consumer protections, the Senate has voted to get rid of a banking rule that allows consumers to bring class-action lawsuits against banks and credit card companies to resolve financial disputes. Critics say that the government has sided with Wall Street over Main Street, blocking consumers from joining together against the likes of Wells Fargo and Equifax.



“This bill is a giant wet kiss to Wall Street,” Sen. Elizabeth Warren, D-Mass., said on the Senate floor. “Bank lobbyists are crawling all over this place begging Congress to vote and make it easier for them to cheat their customers.” The consumer agency’s rule, released in July, was aimed at giving consumers more power. Prior to the rule, the bureau said companies could “sidestep the court system” by “forcing consumers to give up or go it alone.”

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Source: [H]ardOCP – Senate Kills Rule on Class-Action Suits against Financial Companies