Highlights (?) from Capitol Hill

Resolutions Introduced to Block CFPB’s Late Penalty Fee Cap

A joint resolution has been introduced that would block the Consumer Financial Protection Bureau ’s credit card late fee cap from taking effect. Remember that even if passed, the resolution would also have to be approved by President Biden.

Durbin Would Scrap Arbitration Protections

Last Tuesday, the Senate Judiciary Committee held a hearing dedicated to exposing the perceived evils of arbitration clauses. The hearing comes as the CFPB has yet to respond to a high-profile petition asking it to once again consider promulgating regulations banning mandatory arbitration clauses. Stay tuned.