October 25, 2017/Press

Burr, Tillis, NC GOP Gut Consumer Protections, Put Wall Street Before People

RALEIGH – Late last night, Sens. Burr and Tillis chose Wall Street over vulnerable consumers, casting the deciding votes to make it harder for everyday people to enter into class-action lawsuits against financial institutions. DC Republicans struck down one of the few avenues citizens have for standing up to big banks and giant financial institutions like Equifax and Wells Fargo, choosing their donors and Wall Street over everyday North Carolinians.

Earlier this year, vulnerable NC Reps. Budd, Pittenger, Holding and Hudson also voted against the consumer protection rule, proving that our Republican representatives in Washington are far more concerned with their donors than protecting their constituents from fraud and scams.

With this vote, the GOP is opening the door for financial institutions to implement questionable practices and take advantage of vulnerable customers. Now, when large companies like Equifax and Wells Fargo play fast and loose with consumer’s information and trust, the little guys will have almost no recourse to change or challenge their behavior.

Rewarding campaign donors at the expense of everyday people isn’t new for NC Republicans. State lawmakers spent 2017 putting donors over consumers, giving a fishy six figure giveaway to a New Hanover developer, pushing an environmentally dangerous bill for landfill operators, and ensuring that their “good friends” maintain their contract with the state.

“DC Republicans continue to show a blatant disregard for everyday Americans as they repeatedly prioritize donors on Wall Street,” said NCDP Executive Director Kimberly Reynolds. “Instead of fighting to protect the rights of borrowers and consumers, our representatives sold them out to the highest bidder.”