October 24, 2017
U.S. Sen. Jim Inhofe (R-Okla.) supported using a resolution of disapproval under the Congressional Review Act to undo an overreaching regulation from the Consumer Financial Protection Bureau (CFPB). The rule, which discusses how banks resolve disputes with consumers, would limit the use of arbitration as a means of settling a dispute. The CRA passed the Senate by a vote of 51 to 50.
“Since the CFPB was created under President Obama, it has been an out of control bureaucracy, passing regulations that limit economic growth and consumer choice. This rule will only increase costs to consumers and contribute to endless litigation, all while providing no substantial benefit to consumer protection. It is past time Congress reject this flawed rule and hold the CFPB accountable for their reckless regulations.”