Bureau Arbitration Fairness Act

Bill: 113-hr-4734
Sponsor: full_name: Rep. McHenry, Patrick T. [R-NC-10]
Introduced: 2014-05-22
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Alternative dispute resolution, mediation, arbitration

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Consumer affairs

Financial services and investments
Latest action: action_date: 2014-05-22
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-05-22
action_desc: Introduced in House
text: <p>Bureau Arbitration Fairness Act - Amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau (CFPB) to prohibit or restrict the use of an agreement between persons under its jurisdiction and a consumer in connection with the offering or providing of a consumer financial product or service that provides for mandatory pre-dispute arbitration of any future dispute between the parties.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4734 IN THE HOUSE OF REPRESENTATIVES May 22, 2014 Mr. McHenry introduced the following bill; which was referred to the Committee on Financial Services A BILL To repeal the authority of the Bureau of Consumer Financial Protection to restrict mandatory pre-dispute arbitration.

1. Short title This Act may be cited as the Bureau Arbitration Fairness Act . 2. Repeal of authority to restrict mandatory pre-dispute arbitration Section 1028 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5518 ) is amended— (1) by striking (a) Study and report.— ; and (2) by striking subsections (b), (c), and (d).