Benjamin K. Olson Quoted in American Banker Article, “As Uncertainty Swirls, CFPB Keeps on Regulating”
American BankerBenjamin K. Olson
Benjamin K. Olson was quoted on September 14, 2017 in an American Banker article, “As Uncertainty Swirls, CFPB Keeps on Regulating,” which discussed the release of the CFPB’s semiannual report that includes specific issues the agency focused on throughout the past six months of supervisory exams. The article stated, “The report indicated that Cordray had kept a promise made to mortgage lenders in late 2015 that the CFPB would be sensitive to good-faith efforts made by lenders to comply with the "Know Before You Owe" disclosures. At the time, the mortgage industry was concerned that the CFPB would crack down hard on companies that had nearly two years to make systems and operational changes to integrate disclosures through combining requirements of the Truth in Lending Act and the Real Estate Settlement Procedures Act. The report said that after completing its first round of exams, the CFPB refrained from imposing civil penalties for compliance with the disclosure rule, known in the industry simply as TRID. Some observers recalled that Cordray's promise to refrain from enforcement actions in the initial phases of TRID implementation was met with some doubt.”
Olson added, “They said they wouldn't penalize institutions and, as far as I know, they didn't, though people were very skeptical about the bureau's promises back in 2015." He added, “Cordray put his name on the line with those promises and it's significant to see it play out. They found errors everywhere, because everybody's making TRID errors, but as long as you fix the problem and correct it, they haven't raked companies over the coals.”
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