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Senate Votes To Kill CFPB Arbitration Rule

Law360, New York (October 24, 2017, 10:28 PM EDT) -- The U.S. Senate voted Tuesday to overturn a Consumer Financial Protection Bureau rule that would have prohibited class action bans from arbitration clauses.

CFPB Director Richard Cordray, shown on Capitol Hill in 2013, called the vote a "giant setback" for consumers that preserves a "two-tier" system of justice where consumers are shut out of court. (AP) The Senate voted 51-50 to nullify the CFPB’s arbitration rule, with Vice President Mike Pence breaking a 50-50 tie. All but two Republicans voted in favor of the disapproval resolution, with Sens. Lindsey Graham of South Carolina and John Kennedy of Louisiana and all 48...

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