US Congress kills pro-consumer arbitration rule, setting stage to block payday lending rule

Introduction

Date: 31 October 2017. Duration: 8:14

MLex Senior Correspondent Neil Roland and Financial Regulation Correspondent Neil Haggerty discuss the recent move by the the US Senate to block a rule by the US Consumer Financial Protection Bureau that would allow consumers to sue banks and credit card companies.

For further insight, read the following articles:

Will Congressional Republicans kill pro-consumer payday lending rule? (30 October 2017

Trump’s Republican critics disappeared on Senate consumer arbitration vote (25 October 2017)

CFPB rule bans use of arbitration clauses to stop class actions; Republican lawmaker vows fight (10 July 2017)