House Appropriations Committee Votes to Block Arbitration Reform

by Jeff Sovern

CFPB Monitor is reporting:

[T]he House Appropriations Committee has approved an amendment to the FY 2016 Financial Services Appropriations bill that would impose new requirements on the CFPB before it can issue a rule governing arbitration agreements.  The amendment, which was introduced by Republican Representatives Steve Womack and Tom Graves, reportedly would require the CFPB to produce a peer-reviewed study on arbitration and determine that the benefits of a new rule outweigh the costs before issuing an arbitration regulation.

They attribute the information to a Politico report.  The House Appropriations Committee web site indicates that the amendment was approved on a voice vote and that the Committee has approved the bill, as amended.  

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