President Signs Congressional Resolution Overturning CFPB Arbitration Rule
By Andrew C. Glass, Robert W. Sparkes III, Roger L. Smerage, Elma Delic
The President signed this week the congressional joint resolution nullifying the Consumer Financial Protection Bureau (“CFPB”) arbitration agreements rule. Following adoption by the House, the Senate, in a 50-50 split with the Vice President breaking the tie, voted last week to approve the resolution (noted in a previous post here). The CFPB can only reinstate the rule, or one that is similar, if Congress expressly authorizes it to do so in subsequent legislation.