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Benjamin K. Olson quoted in American Banker article, “CFPB's Kraninger asks for 'clear authority' over military lending exams”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on January 17, 2019 in an American Banker article, “CFPB's Kraninger asks for 'clear authority' over military lending exams,” which discussed Consumer Financial Protection Bureau Director Kathy Kraninger’s request to Congress to give the bureau the authority to conduct supervisory exams of banks and financial firms for compliance with the Military Lending Act. The article stated, “Kraninger said the CFPB is committed ‘to the financial well-being of America’s service members. This commitment includes ensuring that lenders subject to our jurisdiction comply with the Military Lending Act so our service members and their families are provided with the protections of that law,’ she said. Regardless of the CFPB's actions, banks have maintained their compliance, lawyers said.”

Olson noted, “Given the reputational harm and the liability associated with MLA violations, lenders are unlikely to reduce compliance based on whether the Bureau will be checking. No lender wants to be accused of harming service members or their families.”

Click here to read the full article.