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Mercury News: Wall Street wins big: Senate rolls back rule allowing consumers to sue banks

With the Senate’s vote, Wall Street has scored one of its biggest coups so far in the Trump administration, which has made rolling back the regulations put in place after the financial crisis one of its key priorities.

At issue is the fine print in many of the agreements that consumers sign when they apply for credit cards or bank accounts. These agreements typically require them to settle any disputes they have with the company through arbitration, in which a third party rules on the matter, rather than going to court or joining a class-action lawsuit. [...]

House Republicans already passed legislation to block the rule.

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