Bill

H.J.Res. 111

Bill Information
Key Votes on H.J.Res. 111
Roll Call
412
Information
About The Keyvote

This resolution of disapproval under the Congressional Review Act (CRA) would cancel the Consumer Financial Protection Bureau’s (CFPB) arbitration rule. The CFPB’s arbitration rule is a giveaway to trial lawyers. The rule ostensibly bans contractual arbitration clauses related to consumer financial products offered by banks and other financial sector firms. This severely limits consumers’ ability to enter into arbitration during disputes. Trbitration is an easier and quicker process for consumers to resolve issues, but lawyers don’t make much money from this process. The rule, however, will encourage trial lawyers to pursue more class-action lawsuits, which take longer and result in smaller payouts to consumers.