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Benjamin K. Olson quoted in American Banker article, “CFPB tries sweetening pot for firms testing disclosure changes”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on September 17, 2018 in an American Banker article, “CFPB tries sweetening pot for firms testing disclosure changes,” which discussed the Consumer Financial Protection Bureau’s effort to revamp its product disclosure program to encourage innovation following the lack of interest from its previous program attempt. The article stated, “The Bureau is proposing to streamline the application process by eliminating several elements that it has now deemed were redundant or otherwise unnecessary,” the agency said in the notice. “The list of factors the Bureau intends to consider when reviewing applications has been substantially reduced for similar reasons. As a result, the Bureau’s proposed review will now focus on the quality and persuasiveness of the application, especially the extent to which the trial disclosures are likely to be an improvement over existing disclosures, and the extent to which the testing program mitigates risks to consumers. Some observers said while innovation in disclosures has not caught up with other means of technological delivery, companies have still not seen much incentive to make improvements.”

Olson noted, “There are all kinds of inefficiencies created by disclosures that weren’t designed to appear on an iPhone. However, it will be interesting to see if the Bureau gets any takers because, although disclosures can be a headache and some have questionable value, there’s not a lot of money to be made in changing your disclosures. This may be something that the trade associations wind up pursuing on behalf of their members.”

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