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Benjamin K. Olson Quoted in Wall Street Journal Article, “The Internal Divide Behind Trump’s Takeover of Consumer Watchdog”

Wall Street Journal

Benjamin K. Olson

Benjamin K. Olson was quoted on December 21, 2017 in a Wall Street Journal article, “The Internal Divide Behind Trump’s Takeover of Consumer Watchdog,” which discussed the friction between the White House and the Treasury Department as the search begins for a permanent director of the CFPB. The article stated, “Companies have invested billions of dollars in complying with the agency’s rules since it began operating six years ago. What’s more, many in the mortgage and financial-technology industries see some rules as necessary to help ensure a stable market for securities such as those formed when mortgages are packaged and sold off. They saw an ally in Treasury Secretary Steven Mnuchin, a former mortgage banker, who interviewed several candidates to run the CFPB, including candidates recommended by the financial industry. The White House, however, was conducting its own search. While the administration consulted with the Treasury Department, White House officials controlled hiring decisions and weren’t aware of the extent of the Treasury’s search efforts.”

The article also discussed the concern by the mortgage industry that the administration would select a director who would “undo post-crisis rules that guide the mortgage lending and securitization businesses.” Olson added, “The mortgage industry in particular relies on detailed regulations and guidance. In many cases, the industry wants more and better guidance from the CFPB, not less.”

The article further noted Andrew Sandler and Jeremiah Buckley were both considered by Mnuchin to lead the agency — “Mr. Mnuchin also considered Keith Noreika, who until November was acting Comptroller of the Currency, and Jeremiah Buckley and Andrew Sandler, both from the law firm Buckley Sandler.”

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