Consumer Financial Protection Bureau Director Richard Cordray, shown last October at a panel discussion in Richmond, Va., called Tuesday's vote "a giant setback for every consumer in this country. Wall Street won and ordinary people lost."

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.
With Vice President Pence casting the tie-breaking vote, the rollback of the Consumer Financial Protection Bureau rule banning restrictive mandatory arbitration clauses found in the fine print of credit card and checking account agreements passed 51-50, with Sens. Lindsey Graham, R-S.C., and John Kennedy, R-La., voting against repeal.
The Republican-controlled House had already voted to rescind the rule and President Trump is expected to quickly sign the measure, which also bars similar rules in the future.
The CFPB rule, released in July, was aimed at giving consumers more power. Prior to the rule, the CFPB said companies could “sidestep the court system” by “forcing consumers to give up or go it alone.”
This allowed companies to “avoid big refunds, and continue harmful practices,” the CFPB wrote …
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