POLITICAL NOTEBOOK: Perdue ‘glad To See’ Senate Pass Legislation Overturning CFPB’s Arbitration Rule
POLITICAL NOTEBOOK: Perdue ‘glad to see’ Senate pass legislation overturning CFPB’s arbitration rule
U.S. Sen. David Perdue, R-Ga., praised the Senate’s 51-50 vote to overturn a Consumer Financial Protection Bureau rule on consumer lawsuits and arbitration this past week. Vice President Mike Pence cast the tie-breaking vote.
In July, the bureau issued a rule that it said at the time was designed to make it easier for a consumer to sue a bank by targeting arbitration clauses in bank contracts, according to the CFPB website. The bureau said that those clauses require consumers to bring complaints before an arbiter outside of the courts.
The rule was also designed to make it …