CFPB arbitration rule to be published as Cordray denounces OCC threats

The CFPB’s final rule governing arbitration agreements will be published in the Federal Register Wednesday, a move that may start the clock ticking for any congressional attempt to nullify the rule.

And in the latest salvo in the fight between CFPB Director Richard Cordray and Acting Comptroller of the Currency Keith Noreika, Cordray called any OCC attempt to nullify the rules “frivolous.”

The Financial Stability Oversight Council may vote to void any CFPB rule if it threatens the safety and soundness of the banking system and Noreika, a banking attorney, has threatened to use that process for the arbitration rule.

Cordray dismissed Noreika’s threats in his latest letter.


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