On July 25, and by a vote of 231-190, the U.S. House of Representatives relied upon the authority provided by the Congressional Review Act to pass a “resolution of disapproval” (H.J. Res. 111) to revoke the CFPB final arbitration rule published on July 19, 2017. The White House also issued a statement of support for the resolution.
The CRA requires both the House and Senate to pass a resolution of disapproval within 60 legislative days; the Senate vote on a similar resolution is expected to take place in September.
For a summary of the Democratic response to the House’s action, see Ballard Spahr’s Consumer Finance Monitor, “House Financial Services Committee Democratic Staff Report on CFPB Assails Republicans, Defends CFPB and Arbitration Rule,” by Barbara S. Mishkin.
For a review of how these issues have unfolded, see also CPR Speaks’ earlier posts on the CFPB Rule, “CFPB Announces Final Rule Barring Mandatory Arbitration in Consumer Financial Contracts” and “Congress Responds Rapidly to Block CFPB Rule Banning Mandatory Arbitration Clauses.”