Newsroom

July 11, 2017

Crapo wants to overturn CFPB arbitration rule

Senate Banking Committee Chairman Mike Crapo, R-Idaho, told Hill reporters Tuesday that he wants to lead efforts to draft a resolution that would overturn the CFPB's final arbitration rule.

As it stands, the rule looks like "a massive giveaway to trial lawyers," said NAFCU President and CEO Dan Berger.

NAFCU strongly supports consumer protections, but it has also urged that credit unions not be made subject to rules addressing abuses in which they do not engage. The rule takes effect 60 days after publication in the Federal Register.

Crapo said he plans to discuss his proposal with other senators before going forward. Meanwhile, Sen. Tom Cotton, R-Ark., said he's drafting a resolution under the Congressional Review Act to block the arbitration rule. Sen. Pat Toomey, R-Pa., is reportedly looking into similar action.