Because the Sixth and Seventh Amendments of the U.S. Constitution are apparently less important than making sure that banks, credit card companies, student loan companies, and other financial services be allowed to behave badly with impunity, the House of Representatives has voted to overturn a new federal regulation that would have helped American consumers hold these companies accountable through the legal system. [More]
congressional review act
House Votes To Strip Bank & Credit Card Customers Of Constitutional Right To A Day In Court
By 7.25.17
Don’t Strip Consumers Of Their Right To A Day In Court, Say Advocates, Senators
By 7.24.17
Last week, bank-backed lawmakers revealed their plans to pass fast-track legislation that would undo the Consumer Financial Protection Bureau’s recently finalized rules that prevent banks and other financial institutions from stripping customers of their constitutional right to a day in court. Now, consumer advocates are urging the rejection of the legislation, expected to be voted on this week. [More]
Lawmakers Who Want To Hand ‘Get Out Of Jail Free’ Card To Banks Made Millions From Financial Sector Last Year
By 7.20.17
As expected, Republican lawmakers in both the House and Senate have introduced legislation that would overturn new rules intended to make sure that bank and credit card customers aren’t stripped of their right to file lawsuits in a court of law. Not surprisingly, many of the politicians pushing this pro-bank bill recently received significant financial support from the financial sector. [More]
GOP Moving Forward With Plan To Block New Legal Protections For Bank, Credit Card Customers
By 7.19.17
The Consumer Financial Protection Bureau recently finalized new rules that prevent banks and other financial institutions from stripping customers of their constitutional right to a day in court. As expected, bank-backed lawmakers in both the House and Senate are now planning to pass fast-track legislation that would undo these protections and make sure banks retain their “get out of jail free” card. [More]
18 States Urge Congress Not To Stop Prepaid Card Reforms
By 4.5.17 — Updated: 5.10.17
Earlier this year, lawmakers on Capitol Hill began the process of dismantling the Consumer Financial Protection Bureau’s long-awaited prepaid card rules — meant to improve transparency and curb runaway fees — that are set to to go into effect. As Congress prepares to consider three bills that would erase these rules, attorneys general from 18 states have called on legislators to put consumers’ needs over those of the prepaid card industry. [More]
House Votes To Allow Internet Service Providers To Sell, Share Your Personal Information
By 3.28.17 — Updated: 3.29.17
The new Federal Communications Commission’s rules intended to limit how companies like AT&T, Comcast, Verizon, and Charter can use internet customers’ sensitive personal information are effectively dead in the water, thanks to a House of Representatives vote today to kill the regulations, making sure internet service providers can use and sell user data. [More]
Senators Officially Introduce Resolution To Reverse ISP Privacy Rule
By 3.8.17 — Updated: 5.10.17
Back in October, the Federal Communications Commission adopted a rule limiting what ISPs can or can’t do with your personal data. As expected, lawmakers are now attempting to overturn this new rule through use of the Congressional Review Act. [More]
Congress Trying To Roll Back Consumer Protections For Prepaid Cards
By 2.3.17
Last fall, weeks before the election, the Consumer Financial Protection Bureau concluded a three-year process of trying to make prepaid cards less costly. Those new rules, which would improve transparency and curb runaway fees, are set to go into effect later this year, but not if lawmakers on Capitol Hill have their say. [More]
Financial Regulators Race To Finish New Rules, But Congress Can Still Try To Roll Them Back
By 11.21.16
The wheels of government turn slowly, especially when it comes to rulemaking — the process by which a federal agency proposes, drafts, and finalizes new rules. It can take anywhere from a few months to a few years for this process, but with the incoming Trump administration giving every indication of having a light-touch on regulation, financial regulators have reportedly kicked things into high gear to finish up pending rules in the next two months, even though Congress may be able to roll them back. [More]
