Wednesday, October 20, 2021

Senate overturns CFPB’s anti-arbitration rule

Oklahoma Banker Direct

The U.S. Senate overturned the Consumer Financial Protection Bureau’s controversial anti-arbitration rule on Tuesday.

The vote was 51-50, and it now goes to President Trump for his signature.

The vote was along party lines with Republican senators (including Oklahoma Sens. Inhofe and Lankford) voting “yes” and Democratic senators voting “no,” with the exception of two Republican senators – Lindsay Graham (R-S.C.) and John Kennedy (R-La.) – who also voted “no.”