Decision to repeal banking rule allowing consumers to sue banks jointly is further rollback of Obama regulations

Consumer champions said Wall Street has secured a victory after the Senate voted to roll back rules that would have allowed badly-treated customers to band together to take legal action against banks and other financial services companies.

The move signalled a retrenchment from consumer-friendly policies introduced during Barack Obama’s presidency and relied on a final vote by Donald Trump’s vice president, Mike Pence, to break the deadlock of a 50-50 tie.

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