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Fredrick S. Levin Quoted in HousingWire Article, “Vice President Pence Casts Tie-breaking Vote to Kill CFPB Arbitration Rule”

HousingWire

Fredrick S. Levin was quoted on October 25, 2017 in a HousingWire article, “Vice President Pence Casts Tie-breaking Vote to Kill CFPB Arbitration Rule,” which discussed the 51 to 50, tie breaking vote by Vice President Pence to revoke the CFPB’s new arbitration rule. The article stated, “The House already voted to revoke the rule at the end of July, meaning all that’s needed at this point is a signature from President Donald Trump, who is expected to sign. The arbitration rule would ban companies from using mandatory arbitration clauses, allowing consumers to participate in class-action lawsuits.”

Levin added that this victory for Republicans could lead them to repeal the Dodd-Frank Act. He said, “Last June, the House approved a bill introduced by Rep. Jeb Hensarling to repeal portions of the Dodd-Frank Act and restructure the CFPB. This bill is pending in the Senate. Repeal of the arbitration rule may argue that Senate Republicans have the will and the bare minimum votes to enact a broader repeal of the Dodd-Frank Act. Alternatively, repeal may dampen the sense of urgency regarding Dodd-Frank and CFPB reform.”

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