Outside counsel for Wells Fargo accidently sends files on wealthy customers to opposing lawyer in defamation case; White House wants agency’s consumer complaint database to be private.
Piecemeal settlement through mandatory arbitration masks widespread misconduct like Wells Fargo’s fake-accounts scandal. Class actions bring such systemic abuses to light, and should always be an option for consumer redress.
Sen. Elizabeth Warren, D-Mass., sharply criticized the new acting head of the Office of the Comptroller of the Currency as part of a report Thursday detailing how industry executives and lobbyists have joined the Trump administration.
House and Senate lawmakers formally filed resolutions on Thursday to repeal the Consumer Financial Protection Bureau's arbitration rule, but there were early signs that enacting them may prove challenging.
Acting Comptroller Keith Noreika says his agency is prepared to defend its authority to grant banking licenses to fintech firms; lawmakers hopeful they can block anti-arbitration rule before it takes effect.
Sen. Tom Cotton, R-Ark., plans on leading Republican efforts to overturn the Consumer Financial Protection Bureau’s rule governing arbitration agreements and said Wednesday that a few Democrats might help the effort.
The bank’s once-vaunted bond trading unit reports its second bad quarterly performance in a row; Cordray tells OCC it’s too late to stop rule prohibiting mandatory arbitration.
Most U.S. voters, including those who identify as Republicans, support the Dodd-Frank financial reform law and the Consumer Financial Protection Bureau, according to a poll conducted in late June.
The OCC and CFPB are engaging in a high-stakes battle over the latter agency's effort to rein in mandatory arbitration clauses, in a rare public spat between federal regulators.
