Bill Summary

Disapproving CFPB Arbitration Restriction

HJRes-111 (2017)

Public Law Number: 115-74

Disposition: 2017-Nov-01
Enacted - Signed by the President

Once the president signs a bill, it becomes a law.

Full title...
Joint Resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to Arbitration Agreements.

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Bill Text (Reading difficulty: Easy)
Vote (House)
Vote (Senate)
More Information

Allows banks to insulate themselves from being sued

In July, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule banning banks from denying consumers the ability to file class action lawsuits against them.

This bill nullifies that rule - meaning that banks can prevent consumers from filing class action lawsuits against them.

It makes use of the Congressional Review Act, which allows Congress to revoke new rules issued by federal agencies.

Click here to read the rule that this bill nullified.

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