WASHINGTON — The financial services industry is at risk of being caught flat-footed if a legislative measure to rescind the Consumer Financial Protection Bureau’s rule regulating arbitration agreements fails to pass.

The industry has been counting on a Republican-controlled Congress to strike down the CFPB’s rule using the Congressional Review Act, but as lawmakers recessed for an August break last week, the prospects for overturning the rule are uncertain. If lawmakers do not act, the rule is set to go into effect in mid-March.

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