“Senate Votes to Reject CFPB Arbitration Rule”
In a move long-awaited by the financial services industry, the Senate exercised its powers under the Congressional Review Act, approving a joint resolution rejecting the Consumer Financial Protection Bureau’s arbitration rule. The House of Representatives previously voted on July 25, 2017, to reject the rule. If the President signs the joint resolution, the rule will be rejected and the CFPB will be prohibited from promulgating any similar rule. The vote was surprisingly close, with Vice President Michael Pence exercising his power under the Constitution to break a 50-50 tie and pass the measure.