Sen. Cotton Starts Process To Reverse CFPB Arbitration Rule

Sen. Tom Cotton, a Republican from Arkansas, on Tuesday said he's started the process to rescind the Consumer Financial Protection Bureau's arbitration rule, which would prevent companies from forcing disputes on financial products including bank accounts and credit cards into mandatory arbitration. "This morning I've started the process of rescinding this rule using the Congressional Review Act. The last thing Americans need is more anti-business regulation that will prompt frivolous lawsuits while hurting consumers," Cotton said in a statement.