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.
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.
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 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.
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.
Republican efforts to repeal the Consumer Financial Protection Bureau's arbitration rule were dealt a significant blow Friday by another Wells Fargo scandal.
The Consumer Financial Protection Bureau is likely to finalize its small-dollar rule by September ahead of Director Richard Cordray's widely expected departure.
