It just became easier for banks to screw you over

VP Mike Pence cast the deciding vote to repeal a rule that helped people sue banks.

A year after the Wells Fargo phony account scandal and months after the Equifax data breach, U.S. lawmakers just made it harder for Americans to sue financial companies.

The U.S. Senate voted on Tuesday night to repeal an Obama-era rule that stopped banks and credit card companies using clauses that prevent customers bringing class action lawsuits against them.

Vice President Mike Pence had to cast the deciding vote, which ended 51-50 after Republicans Lindsey Graham and John Kennedy joined Democrats in voting against the repeal of the Consumer Financial Protection Bureau rule introduced last July.

Reuters reports Republicans saw the rule as an example of governmental overreach, but the vote also represents the first major victory for Wall Street under the Trump administration.

CFPB Director Richard Cordray, a Democrat appointed by former President Barack Obama, told Reuters: "Wall Street won and ordinary people lost."

"This vote means the courtroom doors will remain closed for groups of people seeking justice and relief when they are wronged by a company," he added.

The rule banned "arbitration clauses" that are often tucked away into the fine print of financial contracts, and as CNN explains, are used as a way to resolve disputes outside the court system, making it harder for people to sue a bank.

The network notes the move would affect tens of millions of Americans who are often unaware they're covered by an arbitration clause when signing up for a credit card, bank account or prepaid card.

The LA Times reports the ban on arbitration clauses was applauded by consumer rights groups at the time, who said it gave average people more power to fight industry abuses like the Wells Fargo scandal, where 5,000 workers created more than 2 million phony accounts in existing customers' names.

But President Donald Trump "applauded" Congress for repealing a rule he says gives consumers "fewer options for quickly and efficiently resolving financial disputes," the LA Times added.

You might be familiar with arbitration clauses if you've been following the Equifax scandal.

After revealing a data breach that affected 145.5 million Americans, the credit reporting bureau encouraged people to sign up for its free credit protection monitoring service.

However, in the fine print it said that by signing up, customers were giving away their rights to join a class action lawsuit.

After an uproar ensued, Equifax had to clarify that people could indeed sue them if they had their identities stolen.

Next Up

Dean Evason

Wild fall flat against Predators, lose first game of season

The Wild couldn't stay out of the penalty box in a 5-2 loss.

Screen Shot 2021-10-24 at 10.11.36 AM

Search for Wisconsin woman whose vehicle was found near Hinckley

Ashley L. Miller, 33, was reported missing on Sep. 24 after her vehicle was found without her in it.

Dak Prescott

Report: Dak Prescott will be 'ready to go' for matchup with Vikings

The Dallas quarterback is expected to be available for next Sunday's showdown.

Eddie Rosario

Where Eddie Rosario's championship series heroics rank since 2000

The former Twin put together an all-timer to help the Braves reach the World Series.

plane, Piper PA-32

2 dead after plane crashes near residence in rural Wisconsin

The aircraft also struck the house during the crash.

Screen Shot 2021-10-23 at 9.38.43 PM

1 dead after van crashes and lands on Highway 100 in Brooklyn Center

Northbound Highway 100 was shut down following the crash Saturday night.

Jess Peterson

Woman killed in crash ID'd as 'bad ass biker chick' with 'giving spirit'

The 30-year-old died in a motorcycle crash on Oct. 19.

Karl-Anthony Towns

Timberwolves' defense fuels win over Pelicans

The Wolves' have bought in on the defensive end as part of a 2-0 start.

Minnesota Wild

Ryan Hartman's OT goal helps Wild stay undefeated

The Wild improved to 4-0 with a win over the Ducks.

Mar'Keise Irving / Gopher Football

Gophers pound Maryland to stay in Big Ten West race

Four different players scored a rushing touchdown in a 34-16 victory over Maryland.


Healthcare just got added to the Republican tax bill

It would repeal the "individual mandate."

Widespread banking outage angers Wells Fargo customers

Mobile and online banking is affected, as are some ATMs and credit card services.

Mike Pence hails success of Twin Cities during MN visit

The Twin Cities are proof his government's policies are working, the VP says.

What's in the tax reform bill just passed by the House?

Also, find out how your Minnesota representative voted on it.

Wells Fargo announces it will cut 10 percent of its workforce

The bank has seen its reputation tank in recent years.

It's not just you: Half of Americans are stressed by the election

Social media is playing a significant role in making Americans more stressed this election season.

Screen Shot 2021-05-06 at 6.12.41 PM

Hostage situation over in St. Cloud, suspect in custody

Five bank workers were held hostage, but released safely.