The nation’s consumer watchdog is adopting a rule that would pry open the courtroom doors for millions of Americans, restoring their right to bring class-action lawsuits against financial firms.Under Monday’s Consumer Financial Protection Bureau rule, banks and credit card companies could no longer force customers into arbitration and block them from banding together to file a class-action suit.More immediately, its adoption is almost certain to set off a political firestorm in Washington, where both the administration of President Trump and House Republicans have pushed to rein in the consumer finance agency as part of a broader effort to lighten regulation on the financial industry.Under the Congressional Review Act — a 1996 law that had been rarely used before the current Congress employed it to reverse 14 rules from the Obama administration — lawmakers have 60 legislative days to overturn the rule blocking mandatory arbitration.Across the country, judges, prosecutors and regulators have decried arbitration clauses for allowing corporations to circumvent the courts and for taking away the only tools citizens have to fight illegal or deceitful business practices.The rule is one of the signature efforts of the Consumer Financial Protection Bureau, which was created in 2010 as part of the Dodd-Frank regulatory overhaul to safeguard the rights of millions of Americans in the aftermath of the mortgage crisis.At a time when Dodd-Frank has come under attack, the arbitration initiative from the consumer finance agency — which operates independently from the Trump administration — is a provocative stand against the prevailing political tide in Washington.The rule will unwind a series of brazen legal maneuvers undertaken by major U.S. companies to block customers from going to court to fight potentially harmful business practices.Over decades, financial institutions, led by credit card companies, figured out a way to use the fine print of their contracts to force consumers into private arbitration, a secretive process where borrowers have to go up on their own against powerful companies with deep pockets.The rule from the bureau would apply only to the financial companies regulated by the agency and would not touch arbitration clauses buried in the fine print of nursing homes or employment contracts.Recognizing that problem, the federal agency that controls more than $1 trillion in Medicare and Medicaid funding proposed a rule in September that would have barred any nursing home that gets federal funding from requiring that residents resolve disputes in arbitration.
NYS Entity Status
NYS Filing Date
JANUARY 28, 2014
NYS DOS ID#
NYS Entity Type
FOREIGN NOT-FOR-PROFIT CORPORATION
2014 - MAYORS AGAINST ILLEGAL GUNS ACTION FUND
AROUND THE WEB
- Agency moves to allow class-action suits against financial firms
By Jessica Silver-Greenberg and Michael Corkery - Monday Jul 10, 2017
- Congress takes action against shell companies amid scandal
By John Aidan Byrne - Sunday Jul 2, 2017
Congress is taking action against shell companies doing mysterious — sometimes nefarious — dealings such as the Malaysian sovereign wealth fund 1MBD, which ensnared Goldman Sachs and its Asian chief, Tim Leissner, in a scandal. The bipartisan bills introduced last week in both the House and Senate would require the Treasury Department to receive detailed...
- European Union Takes Legal Action Against Hungary
By firstname.lastname@example.org (Kyoko Uchida) - Monday Jul 17, 2017
The European Commission has found that a new law that imposes certain obligations on foreign-funded NGOs operating in Hungary does not comply with EU law....
- Bald eagle threat: Lead ammo left behind by hunters
By MARY ESCH, Associated Press - Sunday Jul 16, 2017
ALBANY, N.Y. (AP) — Bald eagles have made a remarkable recovery across the United States since the pesticide DDT was banned 45 years ago, but the majestic birds are still dying from another environmental poison: lead from bullets and shotgun pellets in wildlife carcasses left behind by hunters.In New York, which has been a leader in the bald eagle restoration in the Northeast for four decades, state wildlife researchers have documented a growing number of eagle deaths from lead poisoning in recent years.In New York, lead poisoning was confirmed as the cause of death in 38 of 336 bald eagles brought to a Department of Environmental Conservation lab near Albany between 2000 and 2015, said state wildlife biologist Kevin Hynes, who does the necropsies."Eagles are doing very well, their recovery is a great success story largely supported by excise taxes paid by hunters" on lead ammunition and guns, said Lawrence Keane, senior vice president of the National Shooting Sports Association.Virginia wildlife advocate Clark said that rather than a ban on lead ammunition, his group is seeking a public education campaign so hunters are aware of the problem and how they can help.
- Illegal-Goods Website AlphaBay Shut Following Law-Enforcement Action
Thursday Jul 13, 2017
An online marketplace that sold illegal goods on the so-called Dark Web was shut last week following action by international authorities, according to people familiar with the matter.