The House on Tuesday took the first step toward nullifying the CFPB's arbitration rule, approving a resolution that would void the regulation.

Voting 231-190, the House approved the resolution under the Congressional Review Act. Only one Republican opposed the resolution, while no Democrat voted for it.

The recently published CFPB rule prohibits financial institutions from using arbitration agreements to keep consumers from being part of a class action suit.

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Regulatory & Compliance