Skip to main content
Menu Icon Menu Icon

In The News

Daniel P. Stipano Quoted in Bloomberg BNA Article, “Banking Regulators Engage in Unusually Public Spat”

Bloomberg BNA

Daniel P. Stipano

Daniel P. Stipano was quoted on July 17, 2017 in a Bloomberg BNA article, “Banking Regulators Engage in Unusually Public Spat,” which discussed the disagreement between Consumer Financial Protection Bureau Director Richard Cordray and acting Office of the Comptroller of the Currency agency head Keith Noreika following the CFPB’s issue of the arbitration rule banning the use of mandatory arbitration contract clauses. The article stated, “Noreika wrote Cordray July 10 to voice concern about the ‘potentially ruinous liability’ the CFPB’s rule could have on banks due to increased litigation costs. The OCC acting director also suggested a joint approach to the rule that he said would help avoid safety and soundness concerns. That sparked a July 12 response by Cordray, who said he was surprised to receive Noreika’s letter because the OCC hadn’t voiced any previous concerns about the regulation during more than two years of development. Cordray said there was “no basis” for Norieka’s claims and that CFPB staff could brief the OCC on the rule.”

Stipano noted, “As more appointments to the agencies are filled, collectively these new appointees are going to have a different perspective on safety and soundness and consumer protection issues than their predecessors did. Once the new team is in place, there will be a real shift in direction among the agencies, and this is the start of it.”

Click here to read the full article at