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Benjamin K. Olson quoted in American Banker article, “CFPB makes it official: Changes to payday rule coming in new year”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on October 26, 2018 in an American Banker article, “CFPB makes it official: Changes to payday rule coming in new year,” which discussed the Consumer Financial Protection Bureau’s announcement to propose changes to the underwriting provisions of the agency's rules for payday lenders as well as to when those rules take effect. The article stated, “Current acting Director Mick Mulvaney is pursuing two goals: water down the forthcoming ability-to-pay requirements for payday lenders, and extend the compliance date — now August 2019 — to give the agency and industry enough time to incorporate the changes. In a statement, the agency said it will ‘issue proposed rules in January 2019 that will reconsider the ... payday loan regulation and address the rule's compliance date.’”

Olson noted, “While new bureau leadership announced plans to reconsider the payday rule back in January, anxiety has been building about when they would act. This announcement seems intended to manage expectations about what the bureau will do and when they will do it.”

Click here to read the full article.