Senator Cotton Lays Out Plan For Stopping the CFPB Rule at ILR Event
On Wednesday, the U.S. Chamber Institute for Legal Reform and the U.S. Chamber’s Center for Capital Markets Competitiveness held a panel discussion on the CFPB’s final anti-arbitration rule, implications for the business community, and a variety of next steps. Senator Tom Cotton headlined the event.
“Senator Tom Cotton, a member of the Senate Banking Committee writing legislation to tackle the rule, said Wednesday he was optimistic that Congress could pass a resolution revoking the new regulation authored by the Consumer Financial Protection Bureau (CFPB) within weeks,” writes Reuters. “I’m going to do all I can to repeal this regulation in the next three weeks of this congressional session,” Cotton said.
“Republican efforts to repeal the regulation via legislation is one of several fronts in an attack on the CFPB initiative. Other financial regulators could consider challenging the rule, and business groups have indicated a legal challenge is on the way as well.”
“The agency has shirked its obligation to properly study the arbitration issue, as it was mandated by Congress,” said Lisa Rickard, president of the Chamber of Commerce’s Institute for Legal Reform. “The courts will have their say.”