Democratic Party

House votes to kill new bank arbitration rule in blow to federal consumer agency

House votes to kill new bank arbitration rule in blow to federal consumer agency

A new federal regulation that would make it easier for Americans to bring class-action lawsuits against banks and other financial institutions might be scrapped before it ever takes effect.

Republican lawmakers had vowed to kill the rule, released by the Consumer Financial Protection Bureau just two weeks ago, and took the first step toward doing so Tuesday with a vote in the House of Representatives.

The GOP-led House voted 231 to 190, almost entirely along party...

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