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Benjamin K. Olson Quoted in American Banker Article, “Payday Lenders See New Opportunity at Revamped CFPB”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on December 8, 2017 in an American Banker article, “Payday Lenders See New Opportunity at Revamped CFPB,” which discussed payday lenders’ opposition to the CFPB’s payday lending rule. With Cordray as director, this opposition was regularly ignored, but with acting CFPB Director Mick Mulvaney, this opens a possible door for lenders. The article stated, “Earlier this week, Mulvaney made clear his opposition to the payday loan rule. So now, rather than having to persuade the CFPB to back down, industry lobbyists can focus on providing agency officials with justifications for retreating, as well as suggestions for how to do so in a way that will not spark a political backlash. Any effort by Mulvaney to blunt the impact of the payday rule could be subject to a separate court challenge.”

Olson added, “The thing they have to be careful about is that they not engage in action that can look like a backdoor repeal.”

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