(Bloomberg) -- Congressional Republicans have formally startedthe process to reverse a Consumer Financial Protection Bureau rule thatmakes it easier for customers to sue lenders, taking a pivotal stepin the broader effort to roll back Obama-era bank regulations.

Lawmakers led by Senate Banking Committee Chairman Mike Crapoand House Financial Services Chairman Jeb Hensarling introducedlegislation Thursday that would enable them to overturn the CFPB’sforced-arbitration rule with simple majority votes in bothchambers.

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The CFPB rule, released July 10, would restrict apractice that has been used by the industry for years to keepgrievances tied to credit cards, payday loans and otherproducts out of courts. It was published in the Federal Register onJuly 19, and is slated to take effect in March.

“Members of Congress previously expressed concerns with theproposed version of the rulemaking -- concerns that were notaddressed in the final rule,” Crapo said in a statement, citing a“flawed study” said to be the basis of the CFPB measure. “Given theproblems with the study and the bureau’s failure to addresssignificant concerns, it is not only appropriate but incumbent onCongress to vote to overturn this rule.”

The Republicans are turning to the Congressional Review Act, arelatively obscure law that enables them to undo regulations within60 legislative days from when they are published in the FederalRegister.

The procedure will free the Republicans, who have majorities inboth Houses, from having to meet the 60-vote threshold often neededfor major Senate bills. That means they won’t need Democratic votesto pass it.

No guarantee it will pass

Still, there’s no guarantee that the bill will pass. Severalobstacles lie ahead as the Senate remains bogged down with thepresident’s call for undoing Obamacare and advancing his picks torun key agencies.

And because the banking industry strongly opposes the CFPB rule,lawmakers backing the move to overturn it could be accused byDemocrats of doing Wall Street’s bidding.

Republican lawmakers and banks oppose restrictions onarbitration, arguing that it leads to better outcomes for consumersthan litigation, and that much of the money won through lawsuitsgoes to trial lawyers.

Democrats and consumer advocates say mandatory arbitrationprevents consumers from getting their day in court and letsfinancial companies cheat customers without being heldaccountable.

Power to undermine

Passing legislation is one strategy the Trump administration mayuse to undermine the CFPB’s rule.

The Dodd-Frank Act also allows a regulator to petition theFinancial Stability Oversight Council -- a panel of regulators ledby the Treasury secretary -- to set aside any CFPB rule if there’sevidence it puts the financial system’s overall safety at risk.

The acting Comptroller of the Currency, Keith Noreika, has takensteps to use those powers to delay the rule. It’s also possiblethat industry groups will sue to overturn the rule.

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