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Senate overturns CFPB rule that would have made it easier for consumers to sue banks

A CFPB rule that supporters said would give consumers an important protection against mistreatment by banks was overturned by the Senate.

By Elizabeth Dexheimer | Updated on October 25, 2017
A CFPB rule that supporters said would give consumers an important protection against mistreatment by banks was overturned by the Senate. (Photo: Getty)

(Bloomberg) – The U.S. Senate moved Tuesday to overturn a rule aimed at making it easier for customers to sue banks, handing financial firms a big win in their battle against post-crisis regulations.

Majority Republicans pushed through a reversal of Consumer Financial Protection Bureau limits on mandatory arbitration in a 51-50 vote. Vice President Mike Pence was called in to cast the tie-breaking vote. The move using Congress’s power to overturn agency rules follows a similar vote by the House in July.

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