WASHINGTON—Now that President Trump has signed a joint resolution that nullifies the Consumer Financial Protection Bureau’s arbitration rule, will Congress target the Bureau’s new payday lending rule, too?
One report does not think so.
“It seems that is looking less likely, as Republicans seem to be much more quietly reacting to the final, controversial payday lending rule,” PYMNTS.com reported.
Republicans in Congress worked fairly quickly to be free of the CFPB arbitration rule. Within two weeks of its passage, the House had already invoked the Congressional Review Act (CRA) to repeal it, and it was well on its way to the Senate, PYMNTS.com said.
“It has now been nearly a month since the CFPB’s payday lending regulations have dropped. So far, there has been almost no movement in either the House or Senate; this is not an insignificant detail, given that the CRA is a very time-linked tool: Once the rule is published in the Federal Register, Congress has only 60 days to invoke the CRA to prevent it from going into effect,” PYMNTS.com said.