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CFPB Rule Banning Class Action Waivers Dies On 51-50 Vote In The Senate

LexisNexis (November 20, 2017, 1:58 PM EST) -- On October 24, 2017, the United States Senate voted 50-50 to kill the CFPB rule that would ban arbitration clauses containing class-action waivers in consumer financial services contracts. Then, as President of the Senate, Vice President Pence broke the tie.  It seems clear that President Trump will sign the disapproval resolution. In the end, it was a highly partisan vote, mirroring the deep divisions in the country as a whole.  We suspect, however, that it was the issuance of a 17-page Treasury Department Report the day...
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