washington u.s. congress could act within weeks kill new rule bar financial company block consumers wish file class-action lawsuits accord key republican senator senator tom cotton member senate bank committee write legislation tackle rule say wednesday optimistic congress could pass resolution revoke new regulation author consumer financial protection bureau cfpb within weeks go repeal regulation next three weeks congressional session say event host u.s. chamber commerce cotton draft legislation would repeal cfpb new ban mandatory arbitration clauses often find financial contract congressional review act congress pass legislation repeal new regulations simple majority mandatory arbitration clauses find across range financial contract require consumers resolve dispute arbitration instead join together class-action lawsuits consumer advocate hail cfpb rulemaking argue fine print frequently find financial contract unfairly bar consumers seek option republican majorities house senate rally around bill would able eliminate new rule cfpb formally finalize tuesday cotton say work senate bank committee chairman mike crapo bill optimistic would garner broad support go far predict half dozen democrats senate could join republicans eliminate rule although democrats generally supportive cfpb regulatory work democratic senator publicly criticize rule house expect move first repeal bill pass measure next week accord cotton republican efforts repeal regulation via legislation one several front attack cfpb initiative financial regulators could consider challenge rule business group indicate legal challenge way well agency shirk obligation properly study arbitration issue mandate congress say lisa rickard president chamber commerce institute legal reform court say republican senator hop kill class-action rule within weeks