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Benjamin K. Olson Quoted in American Banker Article, “Not So Fast: CFPB Effort to Reopen Payday Rule Faces Hurdles”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on January 17 2018 in an American Banker article, “Not So Fast: CFPB Effort to Reopen Payday Rule Faces Hurdles,” which discussed acting CFPB Director Mick Mulvaney’s attempt to revise and potentially eliminate certain requirements of the payday lending rule. The article stated, “So far, Mulvaney has just delayed the rule indefinitely. But that can't go on forever and if he attempts to make a substantive change, he will have to provide a reasonable basis for doing so under the Administrative Procedure Act, something that could prove difficult given that the rule was finalized in October on the basis of three years of research. The agency is expected to issue a new notice of advanced rulemaking, which would be open for public comment for at least 60 days. After the public weighs in, the bureau would issue a new final rule. It also has to conduct an analysis on how it will affect small businesses.”

Olson noted, “It is not clear that this necessarily means there will be no payday rule, but there is likely to be a more narrow payday rule.”

Click here to read the full article.