Late last night (October 24, 2017) the Republican controlled Senate narrowly voted to abolish the banking rule that permitted consumers to join class action lawsuits against banks and other financial institutions to resolve disputes. By a narrow 51-50 vote with Vice President Pence casting the tie breaking vote, the Senate joined the Republican held House in voiding the July 2017 Consumer Financial Protection Bureau Rule that barred financial institutions from using mandatory arbitration clauses to deny groups of aggrieved consumers their day in court. It is expected that President Trump will quickly sign the measure.
