Yesterday evening the Senate voted, thanks to a tiebreaker from Vice President Pence, to disapprove of the CFPB’s anti-arbitration rule using the Congressional Review Act. President Trump is expected to sign the bill in a victory against trial lawyers and the unaccountable Consumer Financial Protection Bureau.
Earlier this summer, CF&P led a coalition calling for reversal of the rule on the grounds that CFPB justified it based on shoddy analysis, and that it would only serve to benefit trial lawyers instead of consumers.
While the vote is a much-needed victory against the overreach of the CFPB, the agency remains unconstitutionally immune to Congressional oversight. Rather than counting on being able to reverse the numerous bad rules produced by CFPB, Congress needs to get to the root of the problem and reform if not outright abolish it.
