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Ben Olson Quoted in Reverse Mortgage Daily Article, "Trump Presidency Means Big Changes for CFPB's Reign in Mortgage Industry"

Benjamin K. Olson

Benjamin K. Olson was quoted on November 10, 2016 in a Reverse Mortgage Daily article regarding the impact a Trump presidency could have on the Consumer Financial Protection Bureau’s (CFPB) future. The article reported, “While it is unclear just what policies Trump plans to tackle…experts agree that significant changes likely will come to regulations long contested by Republican lawmakers…” Olson, however, weighed-in on the likely changes stating, “The likelihood of incremental change is greater than sweeping change, and that may be what ends up happening.”

Olson went on to spell-out the significant financial impacts involved in drastic regulatory changes, “This is going to be a tough call for the new Congress and new President simply because the mortgage industry has invested millions, if not billions, of dollars into building systems and training personnel to comply with these new regulations. Simply sweeping them away would be seen as beneficial in some ways, but could also leave a vacuum that could create uncertainty in the mortgage industry.”

Olson further elaborated that change in leadership does not necessarily mean a change in consumer protection, “The Bureau has a large staff that has been hired over the last five years and are obviously committed to the Bureau’s mission. But there are a variety of philosophies on how to best protect consumers, so a change in leadership does not necessarily mean an end to consumer protection.” According to Olson, these philosophies range from strong disclosure, allowing consumers to make informed decisions, to incentivizing compliance through the enforcement of undesirable practices. “[These philosophies] are all items in the Bureau’s ‘toolkit’,” said Olson, “that the CFPB can pull out and use depending on the policy issue and the Bureau’s objectives. A new director might choose to focus more on some of these tools than others.”

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