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The CFPB's arbitration rule faces its first challenge under the Congressional Review Act with a House vote possible as early as Tuesday on a resolution to overturn the rule. The Senate could act on a similar measure at any time.

The coming week will also bring a two-day meeting of the Federal Open Market Committee, action in Senate committees on federal agency nominees and more.

Released in final form earlier this month, the CFPB's arbitration rule prohibits the use of arbitration agreements for the purpose of limiting access to class action litigation. It is set to take effect Sept. 18; compliance is mandatory for pre-dispute arbitration agreements entered into on or after March 19, 2018.

The House resolution to repeal this rule was introduced last week by Rep. Keith Rothfus, R-Pa., and House Financial Services Financial Institutions and Consumer Credit Subcommittee Chairman Blaine Luetkemeyer, R-Mo.; all committee Republicans are signed on. More than 20 Republican senators, nearly all of them sitting on the Senate Banking Committee, also filed a resolution to repeal the rule.

Also ahead:

• The FOMC begins a two-day policy setting session Tuesday, with results announced Wednesday. The panel has approved two increases this year in the federal funds rate target, now at a range of 1 percent to 1.25 percent. The last increase was in June, but the panel was split on when the Fed should begin to trim its balance sheet. NAFCU Chief Economist Curt Long said this could suggest any further rate hike may not occur before 2018.
• The nomination of Christopher Campbell as Treasury Assistant Secretary for Financial Institutions is slated for a vote tomorrow by the Senate Banking Committee. Campbell is staff director for Senate Finance Committee Republicans.
• Randal Quarles is slated to testify Thursday before Senate Banking on his nomination to the Federal Reserve Board. He has been nominated to serve as a Fed governor through January 2032 and as the Fed's vice chairman for supervision for four years. He is head of the investment firm Cynosure Group and previously served as a senior Treasury official under President George W. Bush.

Also, NAFCU is looking for members' input by this Friday on the CFPB's proposed amendments to its 2016 prepaids rule; NAFCU's Regulatory Alert (member only) and questions for members are online. Comments are due to the CFPB Aug. 14.