Credit union leaders praise Senate vote to kill CFPB arbitration rule
The CFPB’s controversial arbitration rule is close to dying, following Senate passage of a resolution Wednesday night that would nullify the regulation.
The Senate passed the resolution by the closest margin, with Vice President Mike Pence casting the deciding vote after the tally read 50-50.
The House already has passed the resolution, which now goes to President Trump, who is expected to sign it.
The repeal is considered a major victor for the financial community, including credit union trade groups, which contended that the rule would restrict arbitration clauses in financial contracts.
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