According to an article in the publication called The Hill, President Trump’s appointee to the SEC suggested that the SEC may consider removing a ban that has been in place for years that has prohibited securities issuers from putting class action bans in their disclosures relating to IPO’s.
Senate Republicans narrowly passed a resolution to kill a recently adopted Consumer Financial Protection Bureau (CFPB) rule prohibiting financial firms from requiring customers to resolve any disputes with the firms through individual arbitrations.
The Multi-State letter opposes restrictions Congress is contemplating on a new rule passed by the CFPB that would prohibit banks from requiring consumers to waive their right to seek redress in court.
On July 20, 2017, Congressional Republicans began a process to attempt to eliminate a Consumer Financial Protection Bureau rule that stops companies from putting class action bans in their arbitration clauses and makes it easier for consumers to sue banks, credit card firms, payday lenders and other service providers in court.
Paul Bland, Executive Director of Public Justice, writes, “Rep. Bob Goodlatte has introduced H.R. 1927 – the misleadingly titled Fairness in Class Action Litigation Act of 2015 – which would make it essentially impossible for Americans to join together in bringing class action lawsuits for nearly any illegal act a corporation might undertake.