A Republican senator said today he will mount an effort to convince Congress to nullify the newly released CFPB's arbitration rules.
"The CFPB has gone rogue again, abusing its power in a particularly harmful way," said Sen. Tom Cotton (R-Ark.). "The Bureau's new rule on arbitration clauses ignores the consumer benefits of arbitration and treats Arkansans like helpless children, incapable of making business decisions in their own best interests."
Cotton said he has started the nullification process under the Congressional Review Act, which was little-used until this year, when the Republican-controlled Congress and the Trump Administration used it to void rules issued by the Obama Administration.
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