Trying to settle a dispute with your bank or credit card issuer? Angry at a company like Equifax? Good luck getting your day in court.

The Senate has killed a new rule that would have allowed more consumers to file group lawsuits against financial service companies.

The rule, which was scheduled to take effect in 2019, would have put limits on mandatory arbitration clauses in financial contracts, such as checking account and credit card agreements. Those clauses force consumers to resolve problems privately, without banding together in class-action lawsuits.

The CFPB’s own data found 87 percent of plaintiffs got “zero benefits” from class actions, says Mark J. Levin, a partner at the Ballard Spahr law firm in Philadelphia and an architect of arbitration clauses. He says the remaining 13 percent received an average of just $32.35 each.

Levin asserts that arbitration is a clear winner: “The average recovery by a consumer in arbitration in a case that ended up being decided by an arbitrator was very close to $5,400.”

The Office of the Comptroller of the Currency concluded that the arbitration rule could raise consumer credit card rates. And the Treasury Department released a report citing a common criticism of class-action lawsuits: that they mainly line the pockets of attorneys.

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