Republicans, Wall Street score victory in dismantling class-action ruleWASHINGTON (Reuters) - Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the U.S. Senate on Tuesday narrowly killed a rule banning the firms from using “forced arbitration” clauses. Republican Vice President Mike Pence appeared on the Senate floor at 10:11 p.m. EDT (0211 GMT) to cast the tie-breaking vote as the chamber’s president and approve the most significant roll-back of Obama-era financial policy since President Donald Trump took office vowing to loosen the leash on Wall Street. The final count was 51 to 50.   The Republican-dominated House of Representatives has already passed the resolution repealing the Consumer Financial Protection Bureau (CFPB) rule released in July. The resolution also bars regulators from instituting a similar ban in the future. After a signature from Trump, expected soon, the resolution will abruptly end a years-long fight that has included multiple federal regulators, consumer advocacy groups, and financial lobbyists. CFPB Director Richard Cordray, a Democrat appointed by former President Barack Obama, rarely comments on congressional action but on Tuesday night said “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. Customers must agree to the clauses as a condition of opening accounts, saying they will take any disputes to closed-door arbitration instead of joining class-action lawsuits, where complainants band together to share litigation costs. The clauses are used for nearly every U.S. consumer product and service since the Supreme Court ruled them legal in 2011.  Victims of the Equifax Inc. (EFX.N) hack were outraged last month when the company included forced arbitration fine print in offering them free credit monitoring. The company later removed the clauses. At the same time, Wells Fargo & Co (WFC.N) customers whose identities were used in last year’s phony accounts scandal have had difficulty suing the bank because they are bound by arbitration clauses in contracts they signed for legitimate accounts. The CFPB rule, set to go into effect next spring, was not retroactive and would not have helped Equifax or Wells customers. Members of Trump’s administration have relentlessly assailed the regulation, and on Monday the Treasury Department laid out arguments against it in a special report. Acting Comptroller of the Currency Keith Norieka said on Tuesday the Senate’s action stopped a rule “that would have likely increased the cost of credit for hardworking Americans and made it more difficult for small community banks to resolve differences with their customers.” Meanwhile, major bank lobbying groups who sued last month to block the rule cheered the resolution’s passage.  One of the groups, the U.S. Chamber of Commerce, said congress had reined in the “overgrown and unaccountable” CFPB, an independent agency created to protect individuals’ finances that conservatives say consistently reaches beyond its authority in its rulemaking. Critics of the rule had said class actions only benefit trial lawyers and arbitration generally wins larger settlement awards for customers. Supporters said forced arbitration harms customers by putting companies in control of the process and taking away the right to sue enshrined in the U.S. Constitution.  The CFPB created its rule after conducting a five-year study that found customers struggle to have banks open arbitration cases about their complaints, but that those few cases have led to slightly higher individual awards than class actions.  “The Senate today prevented a cash grab that would have transferred wealth from consumers to the pockets of wealthy attorneys,” said Ted Frank, director of the center for class-action fairness at the free-market group Competitive Enterprise Institute. Ohio Senator Sherrod Brown, the most senior Democrat on the Banking Committee, meanwhile, said Tuesday’s vote “will make the rich richer, and the powerful more powerful.”  politicsNews
republicans wall street score victory dismantling rulewashington reuters banks credit card issuers financial companies able block customers banding together sue disputes senate tuesday narrowly killed rule banning firms using forced arbitration clauses republican vice president mike pence appeared senate floor edit gt cast vote chamber president approve significant financial policy since president donald trump took office vowing loose leash wall street the final count the house representatives already passed resolution repealing consumer financial protection bureau cfb rule released july the resolution also bars regulators institutions similar ban future after signature trump expected soon resolution abruptly end fight included multiple federal regulators consumer advocacy groups financial lobbyists cfb director richard portray democrat appointed former president barack obama rarely comments congressional action tuesday night said wall street ordinary people this vote means courtroom doors remain closed groups people seeking justice relief pronged company added customers must agree clauses condition opening accounts saying take disputes arbitration instead joining lawsuits complainant band together share litigation costs the clauses used nearly every consumer product service since supreme court ruled legal victims equinox hack outraged last month company included forced arbitration fine print offering free credit monitoring the company later removed clauses at time wells cargo co customers whose identities used last year phony accounts scandal difficulty suing bank bound arbitration clauses contracts signed legitimate accounts the cfb rule set go effect next spring retroactive would helped equinox wells customers members trump administration relentlessly sailed regulation monday treasury department laid arguments special report acting comptroller currency keith norieka said tuesday senate action stopped rule would likely increased cost credit hardworking americans made difficult small community banks resolve differences meanwhile major bank lobbying groups sued last month block rule cheered resolution passage one groups chamber commerce said congress ruined overgrown accountable cfb independent agency created protect individuals finances conservatives say consistently reaches beyond authority rulemaking critics rule said class actions benefit trial lawyers arbitration generally wins larger settlement awards customers supporters said forced arbitration harms customers putting companies control process taking away right sue enshrined constitution the cfb created rule conducting study found customers struggle banks open arbitration cases complaints cases led slightly higher individual awards class actions the senate today prevented cash grab would transferred wealth consumers pockets wealthy attorneys said ted frank director center fairness group competitive enterprise institute ohio senator sherdog brown senior democrat banking committee meanwhile said tuesday vote make rich richer powerful politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Republicans, Wall Street score victory in dismantling class-action ruleWASHINGTON (Reuters) - Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the U.S. Senate on Tuesday narrowly killed a rule banning the firms from using “forced arbitration” clauses. Republican Vice President Mike Pence appeared on the Senate floor at 10:11 p.m. EDT (0211 GMT) to cast the tie-breaking vote as the chamber’s president and approve the most significant roll-back of Obama-era financial policy since President Donald Trump took office vowing to loosen the leash on Wall Street. The final count was 51 to 50.   The Republican-dominated House of Representatives has already passed the resolution repealing the Consumer Financial Protection Bureau (CFPB) rule released in July. The resolution also bars regulators from instituting a similar ban in the future. After a signature from Trump, expected soon, the resolution will abruptly end a years-long fight that has included multiple federal regulators, consumer advocacy groups, and financial lobbyists. CFPB Director Richard Cordray, a Democrat appointed by former President Barack Obama, rarely comments on congressional action but on Tuesday night said “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. Customers must agree to the clauses as a condition of opening accounts, saying they will take any disputes to closed-door arbitration instead of joining class-action lawsuits, where complainants band together to share litigation costs. The clauses are used for nearly every U.S. consumer product and service since the Supreme Court ruled them legal in 2011.  Victims of the Equifax Inc. (EFX.N) hack were outraged last month when the company included forced arbitration fine print in offering them free credit monitoring. The company later removed the clauses. At the same time, Wells Fargo & Co (WFC.N) customers whose identities were used in last year’s phony accounts scandal have had difficulty suing the bank because they are bound by arbitration clauses in contracts they signed for legitimate accounts. The CFPB rule, set to go into effect next spring, was not retroactive and would not have helped Equifax or Wells customers. Members of Trump’s administration have relentlessly assailed the regulation, and on Monday the Treasury Department laid out arguments against it in a special report. Acting Comptroller of the Currency Keith Norieka said on Tuesday the Senate’s action stopped a rule “that would have likely increased the cost of credit for hardworking Americans and made it more difficult for small community banks to resolve differences with their customers.” Meanwhile, major bank lobbying groups who sued last month to block the rule cheered the resolution’s passage.  One of the groups, the U.S. Chamber of Commerce, said congress had reined in the “overgrown and unaccountable” CFPB, an independent agency created to protect individuals’ finances that conservatives say consistently reaches beyond its authority in its rulemaking. Critics of the rule had said class actions only benefit trial lawyers and arbitration generally wins larger settlement awards for customers. Supporters said forced arbitration harms customers by putting companies in control of the process and taking away the right to sue enshrined in the U.S. Constitution.  The CFPB created its rule after conducting a five-year study that found customers struggle to have banks open arbitration cases about their complaints, but that those few cases have led to slightly higher individual awards than class actions.  “The Senate today prevented a cash grab that would have transferred wealth from consumers to the pockets of wealthy attorneys,” said Ted Frank, director of the center for class-action fairness at the free-market group Competitive Enterprise Institute. Ohio Senator Sherrod Brown, the most senior Democrat on the Banking Committee, meanwhile, said Tuesday’s vote “will make the rich richer, and the powerful more powerful.”  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: republicans wall street score victory dismantling rulewashington reuters banks credit card issuers financial companies able block customers banding together sue disputes senate tuesday narrowly killed rule banning firms using forced arbitration clauses republican vice president mike pence appeared senate floor edit gt cast vote chamber president approve significant financial policy since president donald trump took office vowing loose leash wall street the final count the house representatives already passed resolution repealing consumer financial protection bureau cfb rule released july the resolution also bars regulators institutions similar ban future after signature trump expected soon resolution abruptly end fight included multiple federal regulators consumer advocacy groups financial lobbyists cfb director richard portray democrat appointed former president barack obama rarely comments congressional action tuesday night said wall street ordinary people this vote means courtroom doors remain closed groups people seeking justice relief pronged company added customers must agree clauses condition opening accounts saying take disputes arbitration instead joining lawsuits complainant band together share litigation costs the clauses used nearly every consumer product service since supreme court ruled legal victims equinox hack outraged last month company included forced arbitration fine print offering free credit monitoring the company later removed clauses at time wells cargo co customers whose identities used last year phony accounts scandal difficulty suing bank bound arbitration clauses contracts signed legitimate accounts the cfb rule set go effect next spring retroactive would helped equinox wells customers members trump administration relentlessly sailed regulation monday treasury department laid arguments special report acting comptroller currency keith norieka said tuesday senate action stopped rule would likely increased cost credit hardworking americans made difficult small community banks resolve differences meanwhile major bank lobbying groups sued last month block rule cheered resolution passage one groups chamber commerce said congress ruined overgrown accountable cfb independent agency created protect individuals finances conservatives say consistently reaches beyond authority rulemaking critics rule said class actions benefit trial lawyers arbitration generally wins larger settlement awards customers supporters said forced arbitration harms customers putting companies control process taking away right sue enshrined constitution the cfb created rule conducting study found customers struggle banks open arbitration cases complaints cases led slightly higher individual awards class actions the senate today prevented cash grab would transferred wealth consumers pockets wealthy attorneys said ted frank director center fairness group competitive enterprise institute ohio senator sherdog brown senior democrat banking committee meanwhile said tuesday vote make rich richer powerful politicsnews