The Senate has yet to schedule a vote on repealing a federal rule that prevents financial firms from steering customer disputes into arbitration, according to several Republican senators.
Senate leaders are still weighing whether to vote on reversing the Consumer Financial Protection Bureau’s (CFPB) arbitration rule, Sen. John Thune (R-S.D.), a member of Senate leadership, told Bloomberg News Sept. 26, citing issues with the whip count.
Sen. Lindsey Graham (R-S.C.) has said he opposes overturning the rule and Sen. John Kennedy (R-La.) told Bloomberg BNA Sept. 26 he’s still undecided. Republicans have a slim 52-seat majority in the chamber and can afford few defections, with Senate Democrats strongly in favor of keeping the rule.
The CFPB’s rule bars the use of mandatory arbitration to block class-action lawsuits. The clauses are common in contracts for credit cards, checking accounts, payday loans, and other consumer financial products. It was completed in July.
Kennedy said Republican leadership had been whipping the vote this week, but Majority Leader Mitch McConnell (Ky.) made no announcements at his weekly news conference. Using the Congressional Review Act, lawmakers could undo the rule with only simple majorities in both chambers.
Sen. Mike Crapo (R-Idaho), who chairs the Senate Banking Committee, told reporters Sept. 26 that he wasn’t aware of any scheduled vote on the CRA resolution that would undo the rule, and that he had to talk to McConnell about it.
The Senate’s ability to use a simple majority expires after 60 legislative days beyond the rule’s adoption.
To contact the reporter on this story: Rob Tricchinelli in Washington at email@example.com
To contact the editor responsible for this story: Michael Ferullo at MFerullo@bna.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)