Compliance » Senate Healthcare Fiasco Doesn’t Bode Well For Anti-Arbitration Vote

Senate Healthcare Fiasco Doesn’t Bode Well For Anti-Arbitration Vote

August 3, 2017

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For business and banking interests that want the Senate to rescind the Consumer Financial Protection Bureau (CFPB) anti-arbitration rule, the failure of the Senate to repeal Obamacare is not a good sign. The July 19 rule, which applies to banks and others in the financial industry, would ban consumer contracts that forbid joining class action lawsuits. Under the Congressional Review Act, Congress has 60 days to block the rule. To do that it’s likely the vote of all Republican senators would be required, and neither Susan Collins of Maine nor Lisa Murkowski of Alaska, both of whom voted against the repeal of Obamacare, has made a commitment. Banking and business groups in their home states are working hard to get them on board.

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