The Chicago Sun-Times urges "Congress should side with consumers, not with what it says in the fine print, and abandon its efforts to repeal the rule."
Fine print has never been the friend of consumers, and in recent years the perils have escalated as financial institutions have drawn up clauses that deny customers effective redress in disputes.
To counteract that, the Consumer Finance Protection Bureau drew up a rule to prevent banks and other financial companies from forcing customers with disputes to go to arbitration, a one-sided process that often costs more than the amount in dispute. But the U.S. House has voted along party lines to repeal the rule, and it is unclear whether Senate Republicans will follow suit.
They shouldn’t. Too many people have been victims of financial schemes. They need more protection, not less.
The full editorial is here.
