Benjamin K. Olson Quoted in a PYMNTS.com Article, “CFPB New Prepaid Card Rules Survived The CRA (Payday Lending Regs Might Not)”
PYMNTS.comBenjamin K. Olson
Benjamin K. Olson was quoted on May 16, 2017 in a PYMNTS.com article, “CFPB New Prepaid Card Rules Survived The CRA (Payday Lending Regs Might Not).” The article discussed Congress’ efforts to use the Congressional Review Act against the Consumer Financial Protection Bureau in hopes of repealing the new prepaid card rules, which “requires greater disclosures and overdraft limits for the cards that can be loaded with cash for consumer use.”
The article also discussed the CFPB’s change of focus from rulemaking to enforcement actions as the agency awaits a decision regarding its potentially unconstitutional structure. The article noted that in 2016, most banks would instinctively pay their fine and admit nothing about their guilt to the CFPB. Olson noted, “They didn’t see any upside to active litigation with their regulators.” This is anticipated to change given the criticism of the agency from the Trump administration.