House Republican appropriators said the CFPB should be prohibited from issuing final rules regulating arbitration agreements until the agency studies the issue further, recommending a process that could delay the regulations for a lengthy period of time.
The arbitration study process was outlined in a report accompanying the FY17 Financial Services Appropriation bill. The House Appropriations Committee is scheduled to mark up the bill on Thursday.
The House report also urged the CFPB to more closely consider the impact its rules will have on smaller financial institutions, including credit unions.
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