Benjamin K. Olson is a recognized authority in the field of consumer financial protection regulation, bringing deep experience and valuable insights on regulatory and enforcement matters based on his experience as the Deputy Assistant Director for the Office of Regulations at the Consumer Financial Protection Bureau (CFPB), and his work at the Board of Governors of the Federal Reserve System (FRB) and the Federal Trade Commission (FTC).
A Partner in the Washington, D.C., office of Buckley Sandler LLP, Mr. Olson advises clients on a wide range of matters focusing on compliance with CFPB mortgage and credit card regulations. In particular, he regularly:
- Advises clients on the implementation of major regulatory changes and subsequent amendments, including the CFPB’s Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) Integrated Disclosure (TRID) rule, Ability-to-Repay/Qualified Mortgage rule, Mortgage Servicing rules, and Loan Originator Compensation rule, as well as the Department of Defense’s (DoD) amendments to the Military Lending Act (MLA) regulations
- Assists clients in designing terms, disclosures, and underwriting criteria for mortgage and credit card products, including home equity lines of credit (HELOCs), consistent with established regulatory requirements and testing criteria and the evolving standards for unfair, deceptive, and abusive acts and practices (UDAAPs)
- Assists clients in obtaining informal guidance from federal and state regulators
- Advises clients on preparing for and responding to regulatory examinations, investigations, and enforcement actions, and other inquiries, particularly with respect to mortgage origination and servicing
- Assists clients in designing agreements to comply with the requirements of Section 8 of RESPA and the Loan Originator Compensation rule
Prior to joining Buckley Sandler, Mr. Olson served as the Deputy Assistant Director for the CFPB’s Office of Regulations, which is responsible for researching and analyzing legal and policy issues, drafting proposed and final rules, and providing guidance to CFPB leadership and supervision and enforcement staff regarding consumer financial protection laws.
In that capacity, he oversaw numerous CFPB rulemakings, including the TRID rule, Ability-to-Repay/Qualified Mortgage rule, Mortgage Servicing rules, and Loan Originator Compensation rule.
Before joining the CFPB in June 2011, Mr. Olson served as Counsel in the Regulations Branch of the FRB’s Division of Consumer and Community Affairs where he played a leading role in the Board’s development of new rules regulating the credit card industry, including the rules implementing the Credit Card Accountability Responsibility and Disclosure (CARD) Act.
Prior to that, Mr. Olson worked in the FTC’s Division of Financial Practices, where he investigated and prepared enforcement actions against mortgage servicers and other financial service providers for unfair and deceptive practices (UDAPs) and other violations of consumer financial protection laws.
Mr. Olson was ranked by Chambers USA as an “Up and Coming” lawyer in Financial Services Regulation (Enforcement & Investigations) and (Consumer Finance: Compliance) where clients praised his knowledge and experience — “Ben is in a unique position to speak with authority on the regulations and expectations governing the industry.
He not only understands the regulatory requirements but is able to provide the rationale and considerations the CFPB took into account when developing the regulations.” In addition, Mr. Olson was recognized by Legal 500 for Financial Services: Regulation, and referred to him as a “federal rules mortgage expert.”
Mr. Olson served as law clerk to the Honorable Emilio M. Garza on the United States Court of Appeals for the Fifth Circuit. He received his J.D. from Georgetown University and his B.A. from Tulane University.
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