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Benjamin K. Olson quoted in American Banker article, “Mulvaney guts CFPB’s student lending office”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on May 9, 2018 in an American Banker article, “Mulvaney guts CFPB’s student lending office,” which discussed the decision by acting director of the CFPB Mick Mulvaney to remove the function of the student lending office. The article also discussed the many changes occurring for other offices within the agency, including the Office of Equal Opportunity and Fairness, and the Office of Innovation. The article stated, “Mick Mulvaney on Wednesday announced a restructuring of the Consumer Financial Protection Bureau that will strip the agency's student lending office of all functions except consumer education. Mulvaney's memo also revealed a hitch in previously announced plans to restructure the organization. An effort to move the CFPB's fair-lending office from its equal role alongside supervision and enforcement appears to be held up by the CFPB's union. In February, he told staff that the Office of Fair Lending and Equal Opportunity would move to the director's office and become part of the Office of Equal Opportunity and Fairness, a division handling internal employee issues.”

Olson noted, “This suggests that it hasn't happened yet; the union has objected. The practical reality is that, regardless of where the office sits, it cannot take any significant action without the acting director's approval.” In regard to another change in which Mulvaney has created an Office of Innovation, Olson added, “I think now we're going to see that office be more active; we'll likely see more advisory guidance on e-commerce or new types of financial services products that don't fit within the lines drawn by regulations that were written before those products exist. It would give people certainty that they can move forward with new products and services while the rules themselves catch up.”

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