CFPB acts more like the trial lawyer income protection bureau

NY Times:

Financial Firms May Lose Shield Against Class-Action Suits

The Consumer Financial Protection Bureau is adopting a rule that would restore millions of Americans’ right to file class-action suits against banks, but lawmakers will face pressure to block it.
This is a scam for trial lawyers who can file frivolous lawsuits in a class action and extort a settlement that mainly benefits them and not any customers.  Usually, the financial institution settles for the cost of defending it which means bank shareholders are being fleeced by trial lawyers.

If Congress does not block this extortion attempt, it should at least require that the loser pays and if their clients can't pay the lawyers should have to do so.


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