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Benjamin K. Olson quoted in American Banker article, “CFPB reform roadblock: Too many commenting deadlines”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on June 6, 2018 in an American Banker article, “CFPB reform roadblock: Too many commenting deadlines,” which discussed the Consumer Financial Protection Bureau’s decision to request public input on a majority of the functions within the bureau. The article stated, “As the comment period is closing for many of these requests, responders say they have had to be selective in what issues they take up, and in many cases, organizations must deliberate before determining what position to take in a response. The time crunch has prompted questions over whether the CFPB will get the full story on key areas like enforcement and rulemaking. But there are also concerns to the requests for information about the CFPB’s enforcement process because some banks are worried that saying too much in a comment letter could reveal to the public that they are under investigation.”

Olson added, “In contrast, I suspect there will be more comments on the rulemaking RFIs that are more about the policymaking process. Commenters will rightly view the RFIs related to rulemaking as an opportunity to encourage the bureau to re-examine the regulations issued following the passage of the Dodd-Frank Act.”

Click here to read the full article.