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News
July 19, 2017

The CFPB’s Arbitration Rule Showdown Continues

The acting head of the Office of the Comptroller of the Currency, Keith Noreika, has asked CFPB director Richard Cordray to delay allowing the CFPB’s arbitration rule to go into effect, writes the National Law Journal. The rule is slated to be published in the Federal Register today.

“Beginning tomorrow, Republican lawmakers will have 60 legislative-days to challenge the rule under the Congressional Review Act—a statutory tool, used only once before this year, that the Trump administration has put into regular use to wipe out more than a dozen Obama-era regulations.”

“But the battle may not be confined to Capitol Hill…Noreika’s recent correspondence intensified speculation that the Financial Stability Oversight Council, a body of top financial regulators, could try to veto the arbitration rule. That could set up a rare agency-versus-agency court fight.” 

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