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.)
Signed by President
2017-11-01
Became Public Law
2017-11-01
Amendments
None.
Sponsors
Original sponsor: Rep. Rothfus, Keith J. [R-PA-12]
Cosponsors: Rep. Hensarling, Jeb [R-TX-5],
Rep. King, Peter T. [R-NY-2],
Rep. Royce, Edward R. [R-CA-39],
Rep. Lucas, Frank D. [R-OK-3],
Rep. McHenry, Patrick T. [R-NC-10],
Rep. Pearce, Stevan [R-NM-2],
Rep. Posey, Bill [R-FL-8],
Rep. Luetkemeyer, Blaine [R-MO-3],
Rep. Huizenga, Bill [R-MI-2],
Rep. Duffy, Sean P. [R-WI-7],
Rep. Stivers, Steve [R-OH-15],
Rep. Hultgren, Randy [R-IL-14],
Rep. Ross, Dennis A. [R-FL-15],
Rep. Pittenger, Robert [R-NC-9],
Rep. Wagner, Ann [R-MO-2],
Rep. Barr, Andy [R-KY-6],
Rep. Messer, Luke [R-IN-6],
Rep. Tipton, Scott R. [R-CO-3],
Rep. Williams, Roger [R-TX-25],
Rep. Poliquin, Bruce [R-ME-2],
Rep. Love, Mia B. [R-UT-4],
Rep. Hill, J. French [R-AR-2],
Rep. Emmer, Tom [R-MN-6],
Rep. Zeldin, Lee M. [R-NY-1],
Rep. Trott, David A. [R-MI-11],
Rep. Loudermilk, Barry [R-GA-11],
Rep. Mooney, Alexander X. [R-WV-2],
Rep. MacArthur, Thomas [R-NJ-3],
Rep. Davidson, Warren [R-OH-8],
Rep. Budd, Ted [R-NC-13],
Rep. Kustoff, David [R-TN-8],
Rep. Tenney, Claudia [R-NY-22],
Rep. Hollingsworth, Trey [R-IN-9],
Rep. Sessions, Pete [R-TX-32] 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)
