The vote was extremely partisan, with no Dems voting for it. Remember that next time someone tries to discourage you by saying both parties are the same.
U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
111–120 of 249 posts
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#112I'm losing faith in our system of government. Citibank did this to me on a credit card I had with them: 1. I stopped using the card for several months. 2. I then used it once on a small purchase. 3. They stopped sending me an e-mail reminders for my bill. (An "error" in their system disabled e-mails for my account specifically) 4. I racked up about $100 in late fees and interest charges. 5. I called them up and they…
Elect a Democratic congress, like the first Obama administration, who incidentally did not allow class-action lawsuits either? At least this time a bill made it to a Senate vote.
The rule in question was put in place by the Obama administration.
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#113I'm losing faith in our system of government. Citibank did this to me on a credit card I had with them: 1. I stopped using the card for several months. 2. I then used it once on a small purchase. 3. They stopped sending me an e-mail reminders for my bill. (An "error" in their system disabled e-mails for my account specifically) 4. I racked up about $100 in late fees and interest charges. 5. I called them up and they…
Elect a Democratic congress, like the first Obama administration, who incidentally did not allow class-action lawsuits either? At least this time a bill made it to a Senate vote.
I guess you're glossing over the fact that without the Obama administration creating this bureau, there never would have been a lawsuit in the first place.
Anyways, later.
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#114Earlier quoted context omitted.
When I last purchased a car I used accepting the arbitration clause to extract $150 in accessories from the dealer. The sales agent was a bit confused, it’s usually the paperwork guy that deals with the arbitration and at point most people just want it over with..
I was offered over $1000 off to 'just sign the damned contract', but still ended up walking. I was fortunate to find a different dealer that didn't have an arbitration clause, though. I fear I wouldn't find that next time around, and was really hanging my hopes upon legislation like this.
I'm going to ask what might be a dumb question, because I don't know any better. But is there any statistical evidence that arbitration results in worse outcomes for the consumer, or is all the hate theoretical for now? People on HN and otherwise speak about arbitration like it's an auto-loss for the consumer, but it's not like our court systems are guaranteed to be much fairer.
EDIT:
It looks like the bottom of the article explains that the US Consumer Bureau studied arbitration and found it anti-consumer:
As arbitration clauses appeared in tens of millions of contracts, the consumer agency was specifically mandated to study arbitration under the Dodd-Frank financial law in 2010. That effort culminated in a 728-page report, released in March 2015, that challenged longstanding assumptions about arbitration.
The agency found that once blocked from suing, few people went to arbitration at all. And the results for those who did were dismal. During the two-year period studied, only 78 arbitration claims resulted in judgments in favor of consumers, who got $400,000 in total relief.
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#115What's the best argument for this vote?
concern of an onslaught of frivolous lawsuits as business models thus taxing bank legal resources
Edit: don't understand the downvotes. I'm answering the poster's question but it doesn't reflect my personal opinion
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#116I'm losing faith in our system of government. Citibank did this to me on a credit card I had with them: 1. I stopped using the card for several months. 2. I then used it once on a small purchase. 3. They stopped sending me an e-mail reminders for my bill. (An "error" in their system disabled e-mails for my account specifically) 4. I racked up about $100 in late fees and interest charges. 5. I called them up and they…
You should file a complaint with https://www.consumerfinance.gov/ (CFPB.) It will get Citibank's attention and you will get to their escalated support team which will hopefully get a better result. They will take a CFPB complaint very seriously and respond. There are existing regulatory systems in place to push back against the shady practices you mentioned.
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#117Earlier quoted context omitted.
>This only highlights the moral emptiness and naked corruption of the modern GOP. So surely you're just as angry about the Democrats deregulating the telecoms in 1996 and allowing companies to own entire vertical chains. (Comcast owns everything from the News, to the pipe you get it from. Ever notice how they never mention "big corporations are killing America" anymore?) The GOP hates you. The Democrats _pretend_ not…
> So surely you're just as angry about the Democrats deregulating the telecoms in 1996 and allowing companies to own entire vertical chains. Looks like that was a bi-partisan effort, but with more Democrats opposing it than Republicans. Senators who voted for the act: 51 Republicans, 30 Democrats. Senators opposed: 2 Republicans, 16 Democrats (one Republican senator didn't vote).[1] House members who voted for the ac…
178 House democrats vote for it and you're acting like they opposed it? While Bill Clinton signed it into law?
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#118Earlier quoted context omitted.
>This only highlights the moral emptiness and naked corruption of the modern GOP. So surely you're just as angry about the Democrats deregulating the telecoms in 1996 and allowing companies to own entire vertical chains. (Comcast owns everything from the News, to the pipe you get it from. Ever notice how they never mention "big corporations are killing America" anymore?) The GOP hates you. The Democrats _pretend_ not…
> letting Wall Street destroy the economy without jailtime The 2007-8 crash was somewhat before Obama's time. > giving guns to Mexican cartels Started under Bush. > spying on and threatening journalists Started decades before Obama. > unprecendented exponetial growth in classified documents That needs a citation. > using the IRS as a political wing Unless I'm reading https://en.wikipedia.org/wiki/IRS_targeting_contro…
>The 2007-8 crash was somewhat before Obama's time.
Not the jailtime, and not the Obama negotiations with Wall Street. Do you ever watch Frontline... or Google?
>Started under Bush.
Misnomer. It started under bush, and a second, LARGER program started under Obama. Google it.
>Started decades before Obama.
Wrong. Look up the unprecedented demands of Obama for news companies to reveal their anon sources.
>That needs a citation.
God damn, have you ever heard of Google? Or are you just afraid of finding out something?
https://nsarchive.files.wordpress.com/2010/04/classified.png
> neo-nazi misogynist
As usual, use a character attack when you don't have the logic to win.
You can really tell when someone's ego is on the line when they refuse to even check your facts before attempting to refute them with "I haven't seen it, so it must be wrong."
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#119I'm losing faith in our system of government. Citibank did this to me on a credit card I had with them: 1. I stopped using the card for several months. 2. I then used it once on a small purchase. 3. They stopped sending me an e-mail reminders for my bill. (An "error" in their system disabled e-mails for my account specifically) 4. I racked up about $100 in late fees and interest charges. 5. I called them up and they…
I have an identical situation with Verizon Wireless. I pre-ordered the Pixel 2 and cancelled the order 4 days prior to the release date. I called AGAIN to verify the order was cancelled. I'm told yes. Verizon shipped the order, charged my card for it, and tells me "Sorry - our mistake. Please return the phone for a refund." Since it was 'cancelled', I don't have the ability to print my own return label. I'm told one is coming in the mail. Nothing arrives. I call and inquire: "It was sent. FYI, if you don't return the phone in a week, you'll be outside the return window."
Re: U.S. Consumer Bureau Loses Fight to Allow More Class-Action Suits
#120Earlier quoted context omitted.
Cool, I have never done any of those things with equifax! Where do I sign up for the class action lawsuit?
Why would you? To get $10 and a year of free credit monitoring, and thus indemnify them for any further damage resulting from the breach? Better to opt out and wait until/if you actually suffer identity theft. Even if you're forced into arbitration you'll probably get more for your individual damages.
To punish Equifax?
The problem with the snarky, knee jerk response to class actions that you have is that most class actions are instances where individuals aren't harmed for much, but together it's quite significant.
And I have absolutely no faith in private arbitration to do anything but find for the entity paying their fees.