October 30, 2017 / 7:43 PM / a year ago

U.S. regulator makes personal appeal to Trump to veto class-action legislation

WASHINGTON, Oct 30 (Reuters) - The director of the U.S. consumer financial watchdog took the unusual step on Monday of personally asking President Donald Trump to veto legislation allowing financial companies to block customers from banding together to sue.

The Consumer Financial Protection Bureau, an independent federal regulator headed by Democrat Richard Cordray, finalized a rule this summer that barred banks, credit-card issuers and other financial companies from requiring customers to agree not to join group lawsuits and only take potential disputes to closed-door arbitration. Congress recently voted to kill the rule, and Trump, a Republican, is expected to sign it into law soon.

“You alone now have the power to safeguard people’s ability to take action together and go to court when they are wronged,” Cordray wrote to Trump. (Reporting by Lisa Lambert and Pete Schroeder; Editing by Peter Cooney)

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