Congress Overturns CFPB’s Arbitration Regulation
November 3, 2017
With the Senate able to muster 51 votes to disapprove the CFPB’s arbitration regulation, which followed a similar action by the House of Representatives in July, that paved the way for the president to sign the joint resolution to make it official: the CFPB arbitration regulation is dead. The action was undertaken under the Congressional Review Act, which allows Congress to overturn a regulatory action through an expedited process. When the resolution was signed, the Acting Comptroller of the Currency, Keith Noreika, issued a statement declaring the action as a victory for consumers and financial services companies alike.
See CBA’s Regulatory Compliance Bulletin for more information.