A 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".

Bill: 115-sjres-47
Sponsor: full_name: Sen. Crapo, Mike [R-ID]
Introduced: 2017-07-20
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Alternative dispute resolution, mediation, arbitration

Business records

Congressional oversight

Consumer Financial Protection Bureau

Consumer credit

Financial services and investments

Government information and archives
Latest action: action_date: 2017-07-20
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-07-20
action_desc: Introduced in Senate
text: <p>This joint resolution nullifies a rule submitted by the Consumer Financial Protection Bureau (CFPB) regarding arbitration agreements. </p> <p>(The rule regulates the use of arbitration agreements in contracts for specific consumer financial products and services. It prohibits the use of a predispute arbitration agreement to prevent a consumer from filing or participating in certain class action suits. The rule also requires consumer financial product and service providers to furnish the CFPB with particular information regarding arbitrations.)</p>

tv_txt: IIA 115th CONGRESS 1st Session S. J. RES. 47 IN THE SENATE OF THE UNITED STATES July 20, 2017 Mr. Crapo (for himself, Mr. Perdue , Mr. Tillis , Mr. Cotton , Mr. Scott , Mr. Heller , Mr. Rounds , Mr. Toomey , Mr. Shelby , Mr. Corker , Mr. Sasse , Mr. Moran , Mrs. Capito , Mr. Hatch , Mr. Isakson , Mr. Barrasso , Mr. Wicker , Mr. Enzi , Mr. Rubio , Mr. Blunt , Mr. Cruz , Mr. Lankford , Mr. Strange , and Mr. Cochran ) introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 .

That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to Arbitration Agreements (82 Fed. Reg. 33210 (July 19, 2017)), and such rule shall have no force or effect.