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OCC's Noreika calls on CFPB to delay arbitration rule, requests data

( July 17, 2017, 21:17 GMT | Official Statement) -- MLex Summary: Acting US Comptroller of the Currency Keith Noreika urged US Consumer Financial Protection Bureau Director Richard Cordray to delay a rule banning financial firms from using mandatory arbitration clauses to prevent consumers from filing class action suits, and requested economic data pertaining to the rule. "Despite your prior telephonic and in-person assurances that we would have access to the CFPB data, your July 12 letter ignores my request," Noreika said. He said he wants the data to evaluate the rule's impact on the safety and soundness of the banking system.See letter attached....

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