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House revokes new CFPB arbitration rule

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The U.S. House of Representatives passed a “resolution of disapproval” to revoke a controversial new rule by the Consumer Financial Protection Bureau that bans companies from using mandatory arbitration clauses.

The House voted 231-190 on Tuesday, using authority provided under the Congressional Review Act to block the rule.

Under the Congressional Review Act, Congress may overturn a broad range of regulatory rules issued by federal agencies by enacting a joint resolution of disapproval within 60 days of the rules being announced.

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