Tipton and Gardner vote to end consumers’ right to sue when big banks steal from them

CO Senator Cory Gardner voted for a measure that will let big banks fleece consumers and get away with it

Why is the stock market zooming up so high?

Because the Trump administration is gutting consumer protections, most notably against the big banks, so the banks can more freely commit fraud and fleece customers like you and me without being held accountable.

Republicans just voted to end consumer protection rules that ban banks from forcing people into arbitration after banks defraud them. The rule strips Americans of their right to go to court to get justice against fraudulent activity, theft and other wrongdoing by big banks.

Colorado Senator Cory Gardner(R) and Representative Scott Tipton (R) both voted for a measure that makes it impossible for consumers to take legal action against banks that rip them off. Every single Democrat and two Republicans voted against the bill, making the vote in the Senate 50-50, so Vice President Mike Pence stepped in to vote in favor of Wall Street and the banks and break the tie.

And boy, do the big banks rip people off.

Massive wrongdoing, massive fines, less protection for Americans

House Rep. Scott Tipton continues his trend of voting for the big banks, against financial accountability, and against protecting American citizens from  wrongdoing by big banks

Globally, big banks have paid $321 billion (yes, that’s “billion” with a “b”) in fines for illegal activity since 2008, the year of the big financial meltdown. Financial institutions’ illegal activity has included manipulating currency, stealing money from customers’ accounts and using it to open unauthorized credit and savings accounts and then illegally charging customers fees for them, illegally seizing cars that belong to members of the U.S. armed services, scraping money off of retired peoples’ pension accounts, colluding to fix fees, laundering money for corrupt dictators, rogue states, drug cartels and sanctioned corporations, manipulating markets, financing terrorists, manipulating the London Interbank Offer Rate (LIBOR), making home mortgages with interest rates that become unaffordable after the first year, and lots more.

Some argue that big financial institutions exist in a culture of crime, but rarely does anyone go to jail for bank crime.

The Obama administration attempted to fix this lack of oversight and accountability by creating the Consumer Financial Protection Bureau to make sure banking customers are treated fairly, monitor the big banks and pursue charges against them for illegal activities. But the fines became so big and so frequent that the banks started seeking help to stop the government from holding them accountable.

That’s where the Republicans came in.

The bill Republicans passed allows big banks to force people into arbitration instead of going to court — where the banks choose the arbitrators, loading the dice in their favor — where consumers almost never win and where fines or punishments, if any, rarely fit the big banks’ crimes.

So while people are consumed with the awful things Trump has been tweeting, Wall Street is quietly gaining the upper hand against consumers, who are losing in the Republicans’ ever-deepening swamp.

 

17 comments for “Tipton and Gardner vote to end consumers’ right to sue when big banks steal from them

  1. Stacey Anderson
    November 21, 2017 at 5:21 am

    Hi Anne.
    Thought you might like my newest FfRF billboard if you’d like to see it.
    I said “I don’t need religion. I have a conscience.”

    Cheers,
    Stacey

  2. Benita Phillips
    November 6, 2017 at 11:53 pm

    Not only did Hiliary throw ole Bern under the bus, she bought the damn thing first and convinced the old man to lie down so she could run over him and the idea of democracy. HA!!
    What I see as of today is an all out oligarchic war to take over the world and Trump is in on it on the coat tails of Putin and all the mega-wealthies to get his share. Trump’s boy Jared just helped Saudi have its first massive coup that will change energy and money flow in a manner not to Joe Blow citizen’s advantage. Redistribution?

    • American Patriot
      November 7, 2017 at 7:58 am

      Now, that’s the Benita I used to know. Whether correctly or incorrectly, there is at least the recognition of the status quo, and their power games, as the genesis of many of the problems we all face today. You go girl; in the sure and certain hope of a political revolution.

  3. American Patriot
    October 25, 2017 at 9:16 pm

    On October 8, through Oct 14, I posted on this site the urgency of putting a new face on the Democrat party. Why? Because I believe in the two party system. And I had a pretty good idea of what was coming down the pipe re; the Clinton campaign colluding with the Russians on the false Trump dossier. My post was addressed to Benita Phillips; because from past discussions, I knew that she would understand that I had a very good reason for suggesting that the Bernie folks move decisively.

    Now, the truth is, I didn’t know how long it would be till the new information hit the headlines. What I did know was that investigations and probably special counsel would be the result. And I knew that investigation would most probably go all the way to the top of the Democrat party. And I had a pretty good hunch that indictments would follow, surrounding the uranium one deal.

    That’s something that’s been on our radar for years, and it stood to reason that you just don’t give Russia (an adversarial nation) more than 20% of our country’s strategic uranium reserve and then just expect the deal to go away without any scrutiny. If Hillary had won the election, no doubt that is what would have happened. But to the point, she didn’t. And now, the Democrat party is going to be branded with whatever comes out of any or all of the five investigations currently underway.

    But why you might ask did that circumstance concern me? Well, mainly because I didn’t know the time line, but I did know that the GOP status quo would like to have a one party system in this country. And that they would use the information, the indictments and the ensuing convictions against the Democrat party in general and any candidate put forward by that party in particular.

    My intent was to give Benita a heads up that yesterday may have been too late. If you look at this from our (Tea Party) prospective, we had already fought our war with the GOP status quo…..and won. But that was only half the battle. The other half is the Democrat status quo. And we couldn’t fight that battle for the Bernie Sanders supporters.

    Surely, that would simply have been seen as an attack by the GOP, because it is equally clear to us that the Democrats have never recognized, in spite of all the evidence, that we are not status quo GOP. The fact is, most of us are not GOP at all. And that’s what I meant by it’s your fight, if you want to salvage whatever may be left of the Dem political machine. Do you have any idea how important that is, when you’re an insurgency transitioning into governing? We do, from hard experience.

    And now, you get to do it the hard way. And for my trouble, I come under a multiple day attack from one of your water walkers who posts under the name of Seamus. From which I can only conclude that there is no insurgency movement in the Democrat party. And that’s probably why I wasn’t seeing any movement where there would have to be movement if there were an active Bernie Sanders insurgency.

    But perhaps you all know something that I don’t. So in the future, we will observe with interest how that works out for you in the coming midterms; which believe me you will be going into with a truck load of bad baggage and a shoestring budget.

    What you should know; we did it just that way, absent the baggage. And we were incredibly lucky. And had it not been for divine providence, and the fact that it took us ten years to do what you will have a year to accomplish, the Bush dynasty would still be in firm control of the GOP machine. That’s a hard nut to crack. And the truth is, when you’re part of the insurgency, and you see another insurgency forming, you empathize and sympathize with what they’re about to go through.

    But of course, there are no signs that battle will take place anytime in the near future. And as a former insurgent, I can tell you this, that is the worst thing that can happen…..nothing. But that’s on you now. And so is what happens because of it. But don’t you ever come back and say we didn’t try.

    • Scott
      October 26, 2017 at 5:36 am

      Except we didn’t give anyone 20% of our uranium reserve.

      • American Patriot
        October 26, 2017 at 7:50 am

        Of course not Seamus. And it’s the money that will hang her. Now how did I know you’d want to play word games? Tell it to the Republicans. Maybe they’re buying.

        • Seamus
          October 26, 2017 at 8:36 am

          That’s not me, Tim.

          • American Patriot
            October 26, 2017 at 9:09 am

            You fiddle while Rome burns. So please by all means, continue yourself.

          • Seamus
            October 26, 2017 at 9:12 am

            A little too much sunlight for you?

          • American Patriot
            October 26, 2017 at 9:57 am

            Let the sun shine on. We’re working on our Little Rico tan. It’s all about the money, honey bunny.

          • American Patriot
            October 26, 2017 at 11:02 am

            It’s quiet, maybe too quiet. And I thought you boys wanted to come out and play. Let’s hear it for that full throated defense of your status quo. You remember them, Crooked Hillary and the little rascals. And how much trouble did they have throwing the Bernie supporters under the bus?

            Mercury may be rising, but the sword of Damocles is descending. A revolting development. And you’ve had the only wake up call you’re going to get. In politics, paralysis will kill you faster than a speeding bullet. I don’t know what it is, but I can tell you this; it sure needs ironing.

          • Seamus
            October 26, 2017 at 11:53 am

            Wow. You brave self-identified “Patriots” sure do tend to babble when you’re cornered.

          • American Patriot
            October 26, 2017 at 12:45 pm

            Attaboy, nothing to see here folks, just move along. Denial is a strategy, but of course, it’s not a winning strategy. And when the ship sinks, the rats have no where to go. It’s think or swim time. Is that all you’ve got? Me thinks you’ll need more.

          • American Patriot
            October 26, 2017 at 1:16 pm

            Breaking News
            CNN Reporting; Clinton Campaign manager Podesta, and DNC former chair Debbie Wasserman Schultz lied to Congressional committee. OOPS

          • Seamus
            October 26, 2017 at 2:06 pm

            Poor fella. Trembling and losing your marbles, spewing like Alex Jones on meth, desperate to distract. And all I did was what you did to Scott; I called him by a proper name, and this is the result…Tim. So, you can dish it out, but just like the whiny, spoiled man-child you worship, you can’t take it.

  4. Diane
    October 25, 2017 at 8:52 pm

    Take away access to the courts for a more exclusive playing field tipped toward the new Oligarchs or Plutocracy and another pillar of democracy falls. Thank you GOP!

  5. American Patriot
    October 25, 2017 at 2:49 pm

    Now, what exactly did you expect from Tipton, the “Tea Party” candidate who had to manufacture his own astroturf Tea Party to secure the required endorsement? And Cory Gardner for God’s sake, he was Janet Rowland’s anointed one. But then maybe they had their priorities?

    Maybe the big banks and their agents in big government realize they can make even more money if they put the competition out of business? You know, like MS13 and the Mexican drug cartels do, under the theory that one gang in town is tolerable, and two gangs in town are one too many. That’s why I keep telling you folks, don’t vote for the status quo anointed ones. Don’t vote for the career politicians.

    Vote grass roots Tea Party. And of course Trump, because he’s good and he represents the forgotten people, and just look what he’s done for us so far. If it weren’t for those evil status quo party hacks, I’d just bet that America would be great again already.

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