Acting Comptroller Forgoes CFPB Arbitration Rule Challenge

By Evan Weinberger (July 31, 2017, 12:56 PM EDT) -- A banking regulator appointed by President Donald Trump on Monday announced that he will not seek to eliminate the Consumer Financial Protection Bureau's arbitration rule, leaving a potential vote in Congress the biggest threat to the regulation.

Acting Comptroller of the Currency Keith Noreika said Monday he didn't file a petition challenging the arbitration rule with the Financial Stability Oversight Council within the 10-day time frame. (Getty) Acting Comptroller of the Currency Keith Noreika, who had previously raised concerns that the CFPB's rule eliminating class action bans from arbitration clauses used by banks, credit card companies, payday lenders and other firms...

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