House to vote today on resolution to override CFPB arbitration rule


Yesterday at 5 PM, the House Rules Committee, by a 9-4 partisan vote, reported a rule on H.J. Res. 111 with a recommendation that the resolution be adopted. H.J. Res. 111 provides for Congressional disapproval of the CFPB’s arbitration rule under the Congressional Review Act.

Alan Kaplinsky of Ballard Spahr reports, “The full House is scheduled to vote on H.J. Res. 111 today. It is widely expected that the House will easily pass the resolution.”

Kaplinsky explains, “Since the Republicans have a slim 52-48 margin in the Senate with Vice President Pence getting a tie-breaker vote, they can only lose 2 votes and still pass the resolution, assuming as expected, that all Democratic Senators will oppose the resolution. Reportedly, there are a few Republican Senators who are undecided on how they will vote. While a resolution has already been introduced in the Senate, it is not expected that a vote will take place until September.”

Compass Point says 60% chance arbitration rule is overturned

Politico’s Morning Money reports that Compass Point analyst Isaac Boltansky estimates the odds of the mandatory arbitration rule being reversed through the Congressional Review Act to be at 60%. Boltansky believes, “The House will easily clear the measure, but the whip count in the Senate is still fluid at this juncture and appears to be losing its footing.”

Trump Administration “strongly supports” CRA challenge

On a related note, the White House issued a statement expressing it support of the resolution. According to the statement, the Administration believes that if allowed to take effect, “the CFPB’s harmful rule would benefit trial lawyers by increasing frivolous class-action lawsuits.”