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GOP Targets Rule That Could Expose Banks to Wave of Lawsuits

  • Lawmaker says Crapo is leading Congressional Review Act effort
  • Measure lets Congress reverse agency rules with majority votes
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Senate Republicans led by Banking Committee Chairman Mike Crapo are preparing legislation to overturn a Consumer Financial Protection Bureau rule that would make it easier for customers to sue banks.

The lawmakers want to use the Congressional Review Act to reverse the CFPB restrictions on forced arbitration agreements before Congress recesses next month, Senator Tom Cotton said Wednesday at an industry event in Washington. The Arkansas Republican said he is working with Crapo to get enough votes to pass the measure and that the Senate is likely to take it up after the House passes a bill, which he expects to happen next week.