As early as Tuesday, the House could vote to repeal regulations designed to help consumers take joint legal action against banks and lending companies. Last week, measures were introduced in the House and Senate to repeal a new "arbitration" rule created by the Consumer Financial Protection Bureau.
Eric LeCompte, Executive Director of Jubilee USA, a religious coalition that advocates for banks and lending institutions to be more transparent, releases the following statement:
"When we are wronged by financial institutions, we need to be able to hold them accountable.
"Beyond the consumer protections the new rule delivers, the rule pushes banks and credit cards to be more transparent because these businesses don't want to be subject to consumer collective actions lawsuits."
"It's a mistake for Congress to repeal these consumer protections."