Benjamin K. Olson Quoted in American Banker Article, “Inside Payday Lenders’ Plan to Scuttle CFPB Rule”
American BankerBenjamin K. Olson
Benjamin K. Olson was quoted on October 11, 2017 in an American Banker article, “Inside Payday Lenders’ Plan to Scuttle CFPB Rule,” which discussed the pushback by the payday lending industry following the release of the CFPB’s payday lending new rule that restricts short-term loans, as well as the potential changes that could occur for the rule if a new director of the agency is appointed. The article stated, “Opponents of the arbitration and payday loan rules are also hoping that a new director appointed by President Trump could help reverse, delay or ease the rules. Beyond reviewing the rule writing process, the new director could determine that the rule does more harm than good by depriving consumers of access to credit and shuttering small businesses. The rule would require those that offer short-term loans to assess a borrower’s ability to repay, which the industry has said is a vague standard that could lead to more legal liability.”
Olson added, “There is a real question about whether the short-term products subject to the ability to repay requirement will continue to be offered. If I am a lender that focuses on those products, I have to decide whether I can live with the rule or whether I need to offer different, longer-term products or stop extending credit altogether.”
Click here to read the full article. Subscription required.