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Office of the Comptroller of the Currency Consumer Contracts

Ballard Spahr LLP

Noreika-Cordray Dispute Escalates as Senate Nears Vote on CFPB Arbitration Rule

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Since last summer, Acting U.S. Comptroller of the Currency Keith A. Noreika and CFPB Director Richard Cordray have exchanged polar-opposite views on whether the CFPB’s final arbitration rule should be repealed....more

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In A Stunning Rebuke To CFPB, OCC Finds Arbitration Rule Will Significantly Increase Cost Of Consumer Credit

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In a September 20 report, the Office of the Comptroller of the Currency (OCC) seriously undermined the integrity and completeness of the CFPB’s empirical study of consumer arbitration that purports to be the foundation for...more

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Acting Comptroller reacts to Director Cordray’s latest response; final arbitration rule published in Federal Register

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In a letter dated July 18, 2017 to Acting Comptroller Noreika purporting to respond to Acting Comptroller Noreika’s July 17 letter, Director Cordray continued to question how there could be “any plausible basis for [Acting...more

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Director Cordray responds to Acting Comptroller’s arbitration rule letter raising safety and soundness concerns

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Director Corday has sent a letter to Keith Noreika, the Acting Comptroller of the Currency, responding to Mr. Noreika’s July 10 letter in which he stated that OCC staff had expressed safety and soundness concerns arising from...more

Goodwin

Financial Services Weekly News - July 2017

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Editor's Note - Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more

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