The U.S. House of Representatives voted on July 25 in favor of HJR 111 to repeal the CFPB’s final rule on arbitration agreements. The vote was 231-190, but the companion resolution in the Senate may be on the back burner for a while as the Senate focuses on budget and health care battles.
It didn’t take long for Congressional Republicans to pounce on the CFPB’s final rule on arbitration agreements, which the agency released on July 10. House Financial Services Committee Chairman Jeb Hensarling said he would support use of the Congressional Review Act to dismantle the rule, while Sen. Tom Cotton (Ark.) already has drafted a CRA resolution and is working with Senate Banking Committee Chairman Mike Crapo (Idaho) to introduce it “soon.”
