noreika

Acting Comptroller Noreika confirms continued OCC interest in SPNB charter proposal for fintech companies; our thoughts on the need for an OCC rule

By Alan S. Kaplinsky, Scott M. Pearson & Jeremy T. Rosenblum on July 20, 2017

Posted in OCC, Regulatory and Enforcement, Technology

Acting Comptroller of the Currency Keith Noreika, in remarks on July 19 to the Exchequer Club, confirmed that the OCC is continuing to consider its proposal to allow financial technology (fintech) companies to apply for a special purpose national bank (SPNB) charter. Since the departure of the SPNB proposal’s architect, former Comptroller Thomas Curry, who Mr.… Continue Reading

Director Cordray continues to doubt safety and soundness concerns are raised by the final arbitration rule

By Alan S. Kaplinsky on July 18, 2017

Posted in Arbitration, CFPB Rulemaking, Regulatory and Enforcement

The letter-writing war between Director Cordray and Acting Comptroller Keith Noreika continues. Director Cordray sent a letter dated July 18, 2017 to Acting Comptroller Noreika in which he purports to respond to Acting Comptroller Noreika’s July 17 letter to Director Cordray and continues to question how there could be “any plausible basis for [Acting Comptroller Noreika’s] claim that the arbitration rule could adversely affect the safety and soundness of the banking system.” … Continue Reading

Acting Comptroller asks Director Cordray to delay publication of CFPB final arbitration rule

By Alan S. Kaplinsky on July 17, 2017

Posted in Arbitration, CFPB Rulemaking, Regulatory and Enforcement

Keith Noreika, the Acting Comptroller of the Currency, has sent a letter dated July 17 to Director Cordray asking him to delay publication of the CFPB’s final arbitration rule in the Federal Register. The July 17 letter responds to Director Cordray’s July 12 letter to Mr. Noreika. In his July 12 letter, Director Cordray responded to Mr.… Continue Reading

Director Cordray responds to Acting Comptroller’s arbitration rule letter raising safety and soundness concerns

By Alan S. Kaplinsky on July 13, 2017

Posted in Arbitration, CFPB Rulemaking, Regulatory and Enforcement

Director Corday has sent a letter to Keith Noreika, the Acting Comptroller of the Currency, responding to Mr. Noreika’s July 10 letter in which he stated that OCC staff had expressed safety and soundness concerns arising from the proposed arbitration rule’s potential impact on U.S. financial institutions and their customers.

In his response, Director Cordray stated that he “was surprised” to receive Mr.… Continue Reading