- On a mostly party-line vote, with Vice President Pence breaking the tie, the Senate last night cooled the heels of the CFPB just a bit. The vote overturns a CFPB rule that would have made it easier for consumers to launch class-action suits against banks, rather than seek arbitration.
- The House earlier voted to overturn, so the measure now heads to the White House, where the president is expected to make it law.
- The WSJ describes the passage as the most significant legislative victory for the financial industry since Trump became president.
- The bit now between its teeth, look for the GOP to press further to neuter the CFPB and its crusading, politically ambitious chief Richard Cordray.
- ETFs: XLF, FAS, FAZ, VFH, UYG, IYF, FNCL, BTO, IYG, FXO, SEF, RYF, FINU, FINZ, RWW, FAZZ, JHMF, FNCF
- Now read: It's Not Just Big Banks
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Congress overturns CFPB arbitration rule
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