Trump Signs GOP Repeal of Consumer Banking Rule

By KEN THOMAS

WASHINGTON (AP) — President Donald Trump has signed the repeal of a banking rule that would let consumers join together to sue their bank or credit card company to resolve financial disputes.

The president signed the measure at the White House privately. Journalists were not present for the signing.

The Republican-led Senate narrowly voted to repeal the regulation from the Consumer Financial Protection Bureau, which the banking industry had been seeking to roll back.

The Trump administration and Republicans have pushed to undo regulations they say harm the free market and lead to frivolous lawsuits.

Democrats say the rule would have given consumers more leverage to stop companies from financial wrongdoing.

CFPB Director Richard Cordray, an appointee of former President Barack Obama, has called the move a “giant setback” for consumers.

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