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(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
This joint resolution nullifies a rule submitted by the Consumer Financial Protection Bureau (CFPB) regarding arbitration agreements.
(The rule regulates the use of arbitration agreements in contracts for specific consumer financial products and services. It prohibits the use of a predispute arbitration agreement to prevent a consumer from filing or participating in certain class action suits. The rule also requires consumer financial product and service providers to furnish the CFPB with particular information regarding arbitrations.)
the third day of January, two thousand and seventeen
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to “Arbitration Agreements”.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to “Arbitration Agreements” (82 Fed. Reg. 33210 (July 19, 2017)), and such rule shall have no force or effect.