Ian McKendry is the Congress reporter for American Banker. He previously covered the Federal Deposit Insurance Corp., anti-money laundering and cybersecurity. Before joining American Banker he was an economic reporter for Market News International.
Democrats have strived to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering in their campaign to overturn it.
Lawmakers like Sen. Tim Scott may feel differently about some elements in a Senate regulatory relief bill depending on whether CFPB Director Cordray is remaining in office until his term expires in July.
Consumer Financial Protection Bureau Director Richard Cordray allegedly misled Congress about the agency's investigation into Wells Fargo's illegal sales practices and may have rushed a settlement with the bank, according to a report by the GOP.