Two Republican Senators, Mike Crapo (who chairs the Banking Committee) and Tom Cotton (a Banking Committee member), have announced plans to draft a resolution of disapproval to overturn the CFPB’s final arbitration rule under the Congressional Review Act.
According to Politico, Senator Crapo has indicated that he wants to take the lead on drafting a CRA resolution. Senator Cotton posted a statement on his website yesterday in which he criticized the CFPB for having “gone rogue again, abusing its power in a particularly harmful way” and indicated that he “has started the process of rescinding this [arbitration] rule” under the CRA.
In addition, Representative Jeb Hensarling, who chairs the House Financial Services Committee, posted a statement on the Committee’s website in which he stated that the arbitration rule “will harm American consumers but thrill class action trial attorneys” and stated that the rule “should be thoroughly rejected by Congress under the [CRA].”
