Acting Comptroller of the Currency Keith Noreika recounted
his agency’s back-and-forth with the Consumer Financial Protection Bureau over the bureau’s ICBA-opposed arbitration rule.
Noreika said he expressed concerns about the rule and requested an analysis from the CFPB, which released the plan in July before providing data to the OCC.
CFPB analysts said they found no evidence that banning mandatory arbitration agreements would increase costs to consumers, but the data actually showed
an 88 percent chance that there will be an increase, with the total cost of credit expected to rise 3.43 percentage points, Noreika said.
He also noted that community banks have expressed concerns about spurious lawsuits resulting from the rule.
Community bankers can continue using ICBA’s website
to express support for a congressional resolution to nullify the rule.