This story appeared in Bank Digest.
Several additional Congress members have issued statements regarding the Consumer Financial Protection Bureau's final rule banning mandatory predispute arbitration clauses in certain consumer financial product and service contracts if those clauses prevent class actions. Senator Tom Cotton (R-Ark) said the rule "ignores the consumer benefits of arbitration and treats Arkansans like helpless children, incapable of making business decisions in their own best interests." Cotton also said he had "started the process of rescinding this rule using the Congressional Review Act."
Representative Blaine Luetkemeyer (R-Mo) also criticized the rule, saying it was "yet another anti-consumer regulation issued by the CFPB that will prompt more lawsuits all across the country." Similarly, Rep. Roger Williams (R-Texas) said, "This rule is another example of overregulation by the CFPB and I strongly encourage my colleagues in Congress and President Trump to act fast by reforming this agency."