Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Congress Made It Easier For Big Banks To Steal From You
Posted
October 26, 2017
Views
66,256
Likes
1,739
Comments
295
Engagement
3.07%
October 26, 2017
66,256
1,739
295
3.07%
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7:54Now PlayingRepublicans just made it harder for you to sue banks. Cenk Uygur and John Iadarola, the hosts of The Young Turks, give you the details. Tell us what you think in the comment section below. Join TYT
“In the final hours of Tuesday night, the Senate voted to nullify a rule that would’ve allowed customers of banks, credit-card companies, and other financial institutions to join together in class-action lawsuits if they felt they’d been wronged. The rule—which was introduced in July by the Consumer Financial Protection Bureau (CFPB), but was not yet in effect—would have prevented financial institutions from forcing customers with legal grievances to resolve them out of court with the company’s lawyers, in a process called arbitration.
After a split decision in the Senate, the deciding vote on Tuesday night was cast by Vice President Mike Pence. All Republican Senators, save for Lindsey Graham and John Kennedy, voted for the repeal.
In the past, representatives of and lobbyists for the financial industry have argued that arbitration is better for both companies and consumers, because class-action lawsuits can be time-consuming and expensive. Their argument is that as companies fight off big lawsuits, the resources they’d need to do that could increase costs for customers in the long run.”
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Hosts: Cenk Uygur, John Iadarola
Cast: Cenk Uygur, John Iadarola
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)
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