CFPB Rule Fight Forces Senators to Choose: Military Families or Big Banks

CFPB Illustration

Earlier this year, the Consumer Financial Protection Bureau (CFPB) promulgated a long-awaited rule prohibiting banks and payday lenders from using forced arbitration clauses in their contracts. The rule was brought to a halt, however, by the House of Representatives–under the seldom used Congressional Review Act, an authority which enables Congress to “veto” executive-agency actions–and now faces its ultimate fate in the Senate.

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