Big Victory For Banks: CFPB Rule Banning Class Action Waivers Dies On 51-50 Vote In The U.S. Senate

LexisNexis (November 20, 2017, 1:57 PM EST) -- On October 24, 2017, the U.S. Senate voted 51-50 to kill the CFPB rule that would outlaw bank arbitration clauses containing class-action waivers in consumer financial services contracts.  The Senate was proceeding under the Congressional Review Act.  As president of the Senate, Vice President Pence broke a 50-50 tie.  It is 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. The demise of the arbitration rule is...
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