[Congressional Record Volume 163, Number 172 (Wednesday, October 25, 2017)]
[Senate]
[Page S6812]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  CONGRESSIONAL REVIEW ACT RESOLUTION

  Ms. KLOBUCHAR. Mr. President, today I wish to discuss the vote in the 
Senate last night to overturn the Consumer Financial Protection 
Bureau's rule regarding forced arbitration that would protect consumers 
and make sure they get their day in court when financial institutions 
violate the law. The floor schedule did not allow me to give these 
remarks before the vote, so I am giving them today. This rule would 
have restored the ability of servicemembers, veterans, and other 
consumers to join together and seek relief through class action 
lawsuits. I opposed this rule repeal.
  In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection 
Act included a provision instructing the CFPB to study mandatory 
arbitration and write a rule based on what they found. After several 
years of careful study, the CFPB released a 728-page report in 2015. 
This year, the CFPB finalized its arbitration rule mandating that 
consumer financial product contracts no longer include language barring 
class actions.
  This rule was an important step forward in protecting consumers from 
the fine print arbitration clauses included in all sorts of contracts, 
including contracts for credit cards, debit cards, prepaid bank cards, 
payday loans, and even cell phones. The 2015 CFPB report found that 93 
percent of consumers whose credit cards included forced arbitration 
clauses did not know that they could not sue their credit card 
companies.
  The CFPB rule enhanced protections for consumers in the military. 
That is why the American Legion, the Nation's largest wartime veterans 
service organization, which represents 2 million veterans, and the 
Military Coalition, which represents 5.5 million current and former 
servicemembers and their families, supported the protections provided 
under this rule.
  I have cosponsored the Military Consumer Protection Act led by 
Senator Reed, which would put the enforcement of the Servicemember 
Civil Relief Act under the CFPB so that the agency responsible for 
protecting servicemembers and their families is also able to enforce 
those protections.
  Our servicemembers and veterans face challenges that are different 
from civilian consumers, especially during deployment. We need to make 
sure that they have all the protections they earn through their 
service. That is why I voted against H.J. Res. 111, the resolution of 
disapproval with respect to the CFPB arbitration rule, and I will 
continue to fight for our servicemembers, veterans, and consumers to 
get the protections they deserve.

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