Said@Duke: Barney Frank on Consumer Financial Protections

Part of the Said@Duke Series
It essentially means if you are a customer and you've been screwed by a bank, there's nothing you can do about it.

Former Democratic Congressman Barney Frank and former Deputy Treasury Secretary Sarah Bloom Raskin discussed the current state of financial regulation and the post-crisis evolution of the finance industry at an Oct. 25 Duke Law event co-sponsored by the Global Financial Markets Center and the Rethinking Regulation program at the Kenan Institute for Ethics. They began by addressing the Senate’s Oct. 24 repeal of a proposed Consumer Financial Protection Bureau rule that would have allowed consumers to file class-action lawsuits against banks instead of resolving disputes in private arbitration, as mandated by standard banking agreements. Both Frank and Raskin, a Duke University Rubenstein Fellow, agreed that the move reflected a significant setback for consumers.

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