Benjamin K. Olson Quoted in Law360 Article, “Arbitration Rule Shows CFPB Unafraid of Payday Reg Fight”
Law360Benjamin K. Olson
Benjamin K. Olson was quoted on July 11, 2017 in a Law360 article, “Arbitration Rule Shows CFPB Unafraid of Payday Reg Fight,” which discussed the Consumer Financial Protection Bureau’s (CFPB) release of a rule restricting the use of mandatory arbitration clauses, even with the potential risk that Congress could nullify the rule; experts are predicting the same for the payday lending rule. The article stated, “By bringing forward the arbitration rule on Monday despite the potential for Congress to eliminate it by using the Congressional Review Act, the CFPB is forcing Republicans in Congress and any future CFPB director chosen by President Donald Trump to publicly state their views on the regulation.”
Olson added, “Given that the arbitration final rule really did not seek to find a middle ground between what was proposed and what many in the industry had sought, that suggests that the bureau is not in a mindframe to compromise as we enter Director [Richard] Cordray's final year. They're not going to be discouraged by a CRA override or threats of litigation.” In regards to the payday lending rule, Olson stated, “Unlike the arbitration rule, the payday rule requires the bureau to draw a complex set of lines that will define what products are made available to consumers. As a result, it is possible that the practicalities of resolving all of those issues will prevent the bureau from issuing a rule in the time remaining.”
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