This is in response to the Oct. 25 Associated Press story “Senate GOP moves to prevent consumers from suing banks.”
Vice President Mike Pence cast the 51st vote to repeal banking rules that allowed customers to bring law-suits against financial institutions and require compulsory arbitration.
In 2008, banks and financial institutions placed our country near financial collapse. The recent behavior of Wells Fargo, placing additional charges to customers’ accounts without their knowledge, should not be rewarded by Congress.
Why should a customer be forced into compulsory arbitration and relinquish all legal avenues of self-help when there is no known dispute at the opening an account, or if one arrives during that business relationship?
According to the story, the financial and banking industry lobbied hard to get this vote. One can only wonder what incentives were given and to whom, and who will benefit the most.
Essentially, the vice president and 50 Republican senators are taking the nation back to Wild West banking and laying the sheriff to rest.