Pence Breaks Tie as Senate Votes to Kill Rule Allowing Class-Action Suits Against Banks

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Pence Breaks Tie as Senate Votes to Kill Rule Allowing Class-Action Suits Against Banks

Pence Breaks Tie as Senate Votes to Kill Rule Allowing Class-Action Suits Against Banks

NBC News-

The Republican-led Senate narrowly voted Tuesday to repeal a banking rule that would let consumers band together to sue their banks or credit card companies to resolve financial disputes.

Vice President Mike Pence cast the final vote to break a 50-50 tie.

The banking industry lobbied hard to roll back the regulation, which the Consumer Financial Protection Bureau unveiled in July. The rule would ban most types of mandatory arbitration clauses found in the fine print of agreements that consumers enter into when opening checking accounts or getting credit cards.

[NBC NEWS]

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