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Tue Jul 25, 2017, 06:56 PM

House votes to kill consumer lawsuit rule

Source: Reuters

#BUSINESS NEWS
JULY 25, 2017 / 6:12 PM / 2 HOURS AGO

House votes to kill consumer lawsuit rule

Lisa Lambert

WASHINGTON (Reuters) - The U.S. House of Representatives on Tuesday voted overwhelmingly to erase a new rule that lets bank and credit-card customers band together in lawsuits, as the agency that drafted the measure, the Consumer Financial Protection Bureau, moves closer to the center stage of congressional politics.

The Republican-led House voted 231 to 190 along strict party lines to kill the rule barring financial institutions from forcing customers to agree to take future disputes to arbitration, instead of the courts, as a condition of opening accounts. It now goes to the Senate.

Under the Congressional Review Act, both chambers can vote to repeal a new rule with simple majorities.

The Republican majority in the Senate is slimmer. If the party loses just three lawmakers the CFPB rule, finalized 15 days ago, will survive. Also, the Senate calendar is currently full with healthcare and tax reform, and lawmakers may not get around to voting on the rule.

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Read more: http://www.reuters.com/article/us-usa-congress-arbitration-idUSKBN1AA2SI

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