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Benjamin K. Olson Quoted in Bloomberg BNA Article, “Republican Threat to CFPB Rules May Mean Enforcement Boost”

Bloomberg BNA

Benjamin K. Olson

Benjamin K. Olson was quoted on May 12, 2017 in a Bloomberg BNA article, “Republican Threat to CFPB Rules May Mean Enforcement Boost.” The article discussed the direction of the Consumer Financial Protection Bureau to focus more on enforcement and less on rulemaking given the uncertainty of CFPB Director Richard Cordray’s future with the agency. The article stated, “There are signs the CFPB is already ramping up its enforcement efforts. The bureau has brought 20 enforcement actions so far this year, an annual pace that would eclipse its peak total of 56 in 2015.”

Olson noted that companies are less hesitant than they were in the past to engage in litigation and enforcement actions – “When the bureau was new, folks were still recovering from the financial crisis, and companies were far more worried about the reputational issues associated with going adverse to the government. They didn’t see any upside to active litigation with their regulators.”

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