What you NEED to know about today's repeal of a CFPB rule.

Today, surrounded by the heads of banking, financial services and various lobbyists, Trump will sign a Consumer Financial Protection Bureau (CFPB) resolution repealing an Obama era rule that bans banks and credit card companies from blocking customers from suing them in class-action law suits.

Why is this important?

Class-action law suits, which allow groups of victims to sue a defendant as a group, are frequently the only way to go after big banks, credit card companies and financial services when they are screwing you over. The big banks and credit card companies are giant institutions and consumers cannot stand up to them alone. The banks know this.

Without class-action lawsuits, victims of abuse from these giant institutions have no recourse. In all most all cases, it doesn’t make financial sense to sue your bank for the one hundred dollars they charged you in unauthorized fees and services which you did not sign up for and did not agree to. Additionally, even if you wanted to sue your bank for one hundred dollars, you would never find an attorney who would be willing to take on such a case. However, when a bank fraudulently charges one hundred dollars to 3.5 million people (see Wells Fargo’s latest scandal), now you have a 350 million dollar class action lawsuit. These lawsuits are terrifying to big banks like Wells Fargo. It is a check on their gigantic power and it is necessary in a fair society. At the end of this process, you may only get your one hundred bucks back, but the threat of these class-action lawsuits prevents these institutions from predatory practices.

Alone we are week, but united we are powerful. The big banks are using legislation to prevent us from being allowed to unite for one sole purpose. They want more for themselves and less for everyone else.

The other issue, which always seems to be ignored, is how did such legislation make it to the desk of the president? If you polled any citizen on what issues surrounding this country are important to them, 99.9999% would not even know this rule existed.

Why is this legislation a priority in the first year of a GOP Senate, GOP House and a GOP Presidency? How did it end up on the desk of the president, awaiting his signature?

Here’s how: Through the legalization of bribery, in the form of campaign contributions and Super PAC’s, the wealthy have bought the government and they are using it to change the rules to rig the economy in their favor and they are winning.

As of Trump’s signature on this resolution today, we as citizens are not even allowed to ask for a fair hearing on whether or not we can have OUR money back after a bank like Wells Fargo takes it without our authorization. 


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