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.
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.
A district court judge has ruled in favor of a Louisville, Ky., law firm that was sued by the Consumer Financial Protection Bureau in 2013 for allegedly paying illegal kickbacks in exchange for referrals.
Acting Comptroller of the Currency Keith Noreika has asked the CFPB to delay publishing its final arbitration rule, citing concerns about how it will impact the safety and soundness of banks.
House Financial Services Committee Chairman Jeb Hensarling continued the drumbeat of Republican attacks on Consumer Financial Protection Bureau Director Richard Cordray.
The industry and GOP lawmakers face short time frames and other challenges in trying to repeal the Consumer Financial Protection Bureau's arbitration rule.
Agency rule would make it easier to sue banks, but Congressional Republicans likely to fight it; Trump nominates Randal Quarles as Fed’s vice chair for supervision.
With the ink barely dry on the Consumer Financial Protection Bureau's final arbitration rule, defenders and critics of the rule were already girding for a congressional fight over its ultimate fate.
Financial firms say the database is unreliable and would like to see it removed from public view. But the industry would also lose access to competitive insights that can be gleaned from the massive trove of consumer complaints.
