Republicans water down consumer protections in Wall Street reform rollback bill

Republicans water down consumer protections in Wall Street reform rollback bill

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A reader shared a response they received from Sen. Mark Warner (D-VA) explaining his support of the banking bill being pushed through the Senate now, a bill that would rollback parts of the Dodd-Frank Wall Street reform, and ease regulations on banks. Here's one of the things Warner asserts:

"This bill institutes several important consumer protections. It allows consumers to get one free year of fraud alerts, which will help consumers who have been impacted by situations like the Wells Fargo scandal or whose identities or personal information has been stolen. […] It protects the credit ratings of Veterans from being wrongly penalized by medical bill payment delays by the Department of Veterans Affairs (VA), as well as establishing a dispute process for veterans seeking to remove adverse actions already on their report."

Except the bill doesn't really do that anymore.

An amended version of the bill, introduced late Wednesday, would also give free credit monitoring to active-duty members of the military.

“A small gesture to the people that serve our country was too much for the Republicans and Equifax,” Brown said on the Senate floor Thursday.

“In exchange for this token benefit, they demanded consumers and service members give up their right to take Equifax to court the next time the company’s recklessness exposed sensitive financial data,” Brown said.

So service members can get free credit monitoring, but they would no longer have the right to sue if a credit monitoring company, say, allow their and 143 million other people's personal information to be stolen by hackers. Because that never happens, right?