Republicans say they'll move to halt consumer watchdog rule - KWWL - Eastern Iowa Breaking News, Weather, Closings

Republicans say they'll move to halt consumer watchdog rule

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WASHINGTON (AP) -- Republican lawmakers have overturned more than a dozen regulations issued under President Barack Obama. Now, they're looking to do the same to a rule issued Monday that would let consumers band together to sue their banks or credit card companies rather than use a mediator to resolve a dispute.

The effort would be a first for this Republican-led Congress -- overturning a rule issued during the presidency of Donald Trump.

Of course, the Trump administration isn't particularly fond of the Consumer Financial Protection Bureau, which issued the rule. The administration has called for the agency's restructuring and the president's budget calls the agency an "unaccountable bureaucracy."

Two GOP senators, Tom Cotton of Arkansas and Mike Crapo of Idaho, said Tuesday they intend to seek the repeal of the regulation.

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