Congressman Williams Statement on the Overturn of the CFPB’s Arbitration Rule

WASHINGTON, DC – Congressman Roger Williams (R – Austin), vice chair on the Subcommittee on Monetary Policy and Trade on the House Committee on Financial Services, released the following statement Tuesday in response to the passage or H.J. Resolution 111, CRA Joint Resolution Disapproving the CFPB Anti-Arbitration Rule.

"A few weeks ago, the Consumer Protection Finance Bureau (CFPB) initiated a new arbitration regulation that would cost our consumers more of their hard-earned dollars and time. It did not protect consumers and caused them to pay more for less with increasing limitations. I am proud to have worked alongside my colleagues on the Financial Services Committee and in the House to successfully pass a Congressional Review Act (CRA) that will rollback this harsh mandate from the Bureau. Unsurprisingly, CFPB Director Richard Cordray was thinking about one person - himself, and it was very evident in this ruling. We will continue to hold overreaching government agencies like this responsible and we will not back down until the CFPB is held accountable to Congress and the hardworking Americans it serves."

A Congressional Review Act is an oversight tool that allows Congress 60 legislative days to overturn a rule issued by any federal agency. Congressman Williams introduced the CFPB Accountability Act of 2016 last Congress that would require congressional authorization of any CFPB ruling that would have an economic impact of $100 million or greater. A version of this was included as a provision in the Financial CHOICE Act, which passed the House in June 2017.