Benjamin K. Olson Quoted in Consumer Reports Article, “Judges Mull Future of Consumer Financial Protection Bureau”Benjamin K. Olson
Benjamin K. Olson was quoted on May 24, 2017 in a Consumer Reports article, “Judges Mull Future of Consumer Financial Protection Bureau.” The article discussed oral arguments before the U.S. Court of Appeals in Washington, D.C. that focused largely on the CFPB's constitutionality—in particular whether the bureau's structure limits presidential power.
The article reported on the original case that led to the hearing involving Laurel, N.J.-based PHH. In 2014, the CFPB charged the company violations of a federal lending law. PHH appealed the CFPB’s ruling within the bureau’s administrative law system, but lost its case and an appeal, and was ultimately fined by the CFPB. It then sued the CFPB in federal court, claiming that Cordray, who had authority over the appeal process, wielded too much power.
Olson noted: “If the full appeals court agrees with its panel that the CFPB is currently unconstitutional but need not be abolished, the bureau will continue to exist, but President Trump will be able to remove Director Cordray for any reason or no reason."