Congress Votes to Scrap CFPB’s Arbitration Rule

Posted October 25, 2017

On Oct. 24, 2017, the U.S. Senate voted to kill a landmark financial regulation that restricts banks and credit card companies from imposing mandatory arbitration on their customers as a means to resolve disputes. The tie-breaking vote was cast by Vice President Mike Pence. Republicans in both Houses took advantage of a time-limited window under the Congressional Review Act that allows them to undo certain regulations. The House of Representatives voted to undo the arbitration rule last July. The bill will go to President Trump to be signed into law.
 

Access: Public