OCC Set for FSOC Showdown with CFPB Over Arbitration Rule
In a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, Acting Comptroller Keith Noreika of the Office of the Comptroller of the Currency (OCC) asked the Bureau to delay publishing its final arbitration rule and release data used to...
A Tale of Two Bureaus: How the CFPB Broadcasts Mixed Signals on Tribal Sovereignty
The Consumer Financial Protection Bureau (CFPB) issued its final rule regarding arbitration agreements on July 10th, a few days after the Bureau’s director, Richard Cordray, was threatened with Contempt of Congress. The arbitration rule includes an exemption for...
Pushback Expected on CFPB’s New Arbitration Rule
Despite a threat of contempt charges from House Financial Services Committee Chairman Rep. Jeb Hensarling (R- TX), the Consumer Financial Protection Bureau (CFPB) issued a final rule on July 10th restricting mandatory arbitration clauses and opening more financial...
Trump to Nominate Former Treasury Official to Post at Federal Reserve
President Trump is expected to nominate Randal Quarles to serve as Vice-Chairman of Supervision at the Federal Reserve, a position created by the Dodd-Frank Act but never filled during the Obama Administration. His position as vice-chair would last a term of 4 years,...
CFPB Publishes Arbitration Rule
The Consumer Financial Protection Bureau (CFPB) issued its final rule today on arbitration clauses, only a few days after Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, threatened CFPB Director Richard Cordray with contempt charges if the...
CFPB Issues Semi-Annual Report to Congress
The Consumer Financial Protection Bureau (CFPB) recently published its 11th Semi-Annual Report to Congress, covering the period from October 1, 2016 to March 31, 2017. The report includes information on the agency’s consumer complaint process, supervisory actions, the...
Banks, Lenders Petition for Changes to Enforcement from DOJ
The American Banking Association, American Financial Services Association, Consumer Mortgage Coalition, Independent Community Bankers of America, and Mortgage Bankers Association sent a letter to former Alabama Senator, now U.S Attorney General, Jeff Sessions...
OCP Lawsuit Moves Forward in Federal Court
A federal judge ruled on July 5th that a lawsuit against the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) regarding the agencies’ coercion of banks during Operation Choke Point (OCP) could...
