WASHINGTON—The House has passed legislation that would roll back efforts at the CFPB that were implemented under former Acting Director Mick Mulvaney. Prior to the bill's passage, an amendment to reinstate the Bureau's arbitration rule was added.
The Consumers First Act (H.R. 1500) passed 231-191; it is unlikely to advance in the Republican-controlled Senate, NAFCU noted.
NAFCU and CUNA joined with other industry trades before the vote to advise the House to oppose the proposed amendment to restore the arbitration rule. Congress revoked the rule in 2017 under the Congressional Review Act.
Another provision of H.R. 1500 would keep the consumer complaint database public.