Public Law 115-74: Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to “Arbitration Agreements”.

By | July 28, 2018
Seal of the Consumer Financial Protection Bureau.

Seal of the Consumer Financial Protection Bureau.

Nullifies a CFPB rule which would have prohibited certain arbitration agreements in consumer financial products and services.

Official Summary

This joint resolution nullifies a rule submitted by the Consumer Financial Protection Bureau (CFPB) regarding arbitration agreements.

(The rule regulates the use of arbitration agreements in contracts for specific consumer financial products and services. It prohibits the use of a predispute arbitration agreement to prevent a consumer from filing or participating in certain class action suits. The rule also requires consumer financial product and service providers to furnish the CFPB with particular information regarding arbitrations.)

Passed House
2017-07-25
Passed Senate
2017-10-24
Signed by President
2017-11-01
Became Public Law
2017-11-01

Amendments

None.

Sponsors

Original sponsor: Rep. Rothfus, Keith J. [R-PA-12]

Votes

Passed Senate: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?&congress=115&session=1&vote=00249

Passed House: http://clerk.house.gov/evs/2017/roll412.xml

Related bill:  SJRES 47 (Did not pass Senate)

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