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O’Melveny’s Craig Co-Authors Article on Problems in CFPB Settlement Notification Process

July 09, 2015 O'Melveny & Myers counsel Christopher Craig co-authored the July 7, 2015, Law360 article, “The Problems in CFPB Process for Identifying Race.” Co-written with Dr. Steve Bronars and Charles Fields of Edgeworth Economics LLC, the article details complications surrounding the Consumer Financial Protection Bureau’s distribution of the multimillion-dollar settlement a bank has been ordered to pay to minority customers who were allegedly harmed by its loan policies.

The authors discuss aspects of the CFPB’s processes for identifying race and for identifying allegedly injured borrowers that they say “raise serious questions about how the settlement will ultimately be distributed to borrowers.”

Craig is a member of O’Melveny’s Financial Services practice and resides in the Firm’s Los Angeles office.