Ben Olson Quoted in National Mortgage News Article, "CFPB Seeks to Calm TRID Fears Without Giving in to Calls for Leniency"Benjamin K. Olson
Ben Olson was quoted in Austin Kilgore's National Mortgage News article, "CFPB Seeks to Calm TRID Fears Without Giving in to Calls for Leniency," on Wednesday, June 3, 2015.
It's not the grace period the mortgage and real estate industries are clamoring for, but the Consumer Financial Protection Bureau is planning an announcement designed to placate fears of hasty enforcement of its new integrated disclosure rules that take effect in August.
The CFPB's approach is similar to how it addressed enforcement of the ability-to-repay and qualified mortgage rules that went into effect in 2014, said Ben Olson, the CFPB's former deputy assistant director for regulations, who played a leading role in crafting the language for the ATR, QM and disclosure rules.
"That speech did give people some comfort that the bureau wasn't going to hammer them," said Olson, who is now a partner at Buckley Sandler. "There was no question that folks weren't getting a free pass on liability for ATR violations during that period, just that the bureau would look at good faith efforts towards compliance."