Payday lenders and arbitration supporters are claiming the CFPB has met more often with consumer groups than industry, laying the groundwork for likely lawsuits on key rules.
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.
Staff for House Financial Services Committee Chairman Jeb Hensarling said CFPB Director Richard Cordray is continuing to ignore subpoenas tied to the agency's work on the arbitration rule.
Democrats on the House and Senate banking committees are urging Republicans to hold hearings with Wells Fargo's top executives over its phony-accounts and force-placed insurance scandals.
Acting Comptroller Noreika says he will defer to Congress to determine whether the rule requiring mandatory arbitration should be killed; Bitcoin Cash to start trading but is causing confusion in the digital currency market.
Four Republican senators are seen as possible defectors on a vote to repeal the CFPB's arbitration rule, while another senator may be absent, which will make the GOP's job harder.
Acting Comptroller of the Currency Keith Noreika said Monday that he would not interfere with the Consumer Financial Protection Bureau's rule banning mandatory arbitration after missing a key deadline to appeal the regulation.
