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House Passes Repeal Of CFPB Arbitration Rule

Law360, Washington (July 25, 2017, 6:12 PM EDT) -- The Consumer Financial Protection Bureau’s latest rule against forced arbitration is one step closer to being repealed, following a Tuesday vote in the U.S. House of Representatives along party lines to nix the measure.

The 231-190 vote, under the Congressional Review Act, builds on weeks of criticism among congressional Republicans and business groups of the CFPB rule to prohibit forced arbitration in consumer agreements. While Democrats argued the rule preserves Americans’ constitutional right to seek redress in court, Republican backers on the floor like resolution sponsor Rep. Keith Rothfus, R-Pa., said the rule would only serve to increase litigation costs while...

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