Congress's Late-Night Vote to Protect Banks From Lawsuits
People will now have a much harder time taking financial institutions to court.
In the final hours of Tuesday night, the Senate voted to 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— financial institutions from forcing customers with legal grievances to resolve them
