Battle over fine print: Why GOP is risking consumer ire to support banks

By the barest of margins, Congress delivered a major win to the financial industry, repealing a new federal rule that would have made it easier for consumers to sue financial companies.

Normally, even though it affects millions of Americans, a rule banning the arbitration clauses that companies insert into the fine print of consumer agreements might not garner much attention.​

But in the wake of scandals involving financial giants Equifax and Wells Fargo, both of which tried to use the arbitration clauses to avoid class-action lawsuits, the subject took on sudden political relevance. Even a majority of Republican voters supported the ban, a recent poll showed.

Nevertheless, the GOP-controlled Senate voted 51-50

Nine out of 10 cases favor companiesThe furor over Equifax and Wells Fargo