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Benjamin K. Olson Quoted in American Banker Article, “Radical Changes Ahead for CFPB After Cordray Departure”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on November 15, 2017 in an American Banker article, “Radical Changes Ahead for CFPB After Cordray Departure,” which discussed the announcement of CFPB Director Richard Cordray’s upcoming departure and the effect this will have on the agency. The article stated, “Cordray's announcement immediately touched off speculation on the extent of policy changes and his potential successors. Industry observers pointed to the prospect of new leadership reversing enforcement actions or even whole rulemakings issued under Cordray. In the short term, some suggested that once Cordray leaves, the bureau could be in somewhat of a holding pattern until the administration names an acting director — which could include Treasury Secretary Steven Mnuchin — while others said the agency's current acting No. 2, David Silberman, could still lead aggressive regulatory efforts.”

Olson added, “It seems unlikely that the CFPB could get anything concrete and final out in the time that remains, other than possibly a guidance document.”

Click here to read the full article.