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U.S. regulator seeks to halt financial contract rule as officials spar
Last edited Wed Jul 19, 2017, 11:21 PM - Edit history (1)
Source: Reuters
#BUSINESS NEWS
JULY 17, 2017 / 3:09 PM / 25 MINUTES AGO
U.S. regulator seeks to halt financial contract rule as officials spar
Pete Schroeder
WASHINGTON (Reuters) - A feud over a proposal to bar financial firms from requiring customers to arbitrate disputes escalated on Monday when a banking regulator appointed by President Donald Trump called on an appointee of his predecessor to halt the rulewriting project.
In a letter sent on Monday, acting U.S. Comptroller of the Currency Keith Noreika requested the Consumer Financial Protection Bureau halt a new regulation that would bar financial firms including the mandatory arbitration clause in contract.
Noreika, a Trump appointee, argued that his agency had not had the chance to ensure the rule would not pose a threat to the safety and soundness of banks, and complained the CFPB has note provided the data it used to build its rule.
"I know that significant time has been spent in developing the final rule during the past several years," wrote Noreika. "A few additional weeks to address the prudential concerns that I have raised seem a sound investment."
-snip-
JULY 17, 2017 / 3:09 PM / 25 MINUTES AGO
U.S. regulator seeks to halt financial contract rule as officials spar
Pete Schroeder
WASHINGTON (Reuters) - A feud over a proposal to bar financial firms from requiring customers to arbitrate disputes escalated on Monday when a banking regulator appointed by President Donald Trump called on an appointee of his predecessor to halt the rulewriting project.
In a letter sent on Monday, acting U.S. Comptroller of the Currency Keith Noreika requested the Consumer Financial Protection Bureau halt a new regulation that would bar financial firms including the mandatory arbitration clause in contract.
Noreika, a Trump appointee, argued that his agency had not had the chance to ensure the rule would not pose a threat to the safety and soundness of banks, and complained the CFPB has note provided the data it used to build its rule.
"I know that significant time has been spent in developing the final rule during the past several years," wrote Noreika. "A few additional weeks to address the prudential concerns that I have raised seem a sound investment."
-snip-
Read more: http://www.reuters.com/article/us-usa-consumer-regulation-idUSKBN1A221O?il=0