BuckleySandler LLP has announced that Benjamin K. Olson, former Deputy Assistant Director for the Office of Regulations at the Consumer Financial Protection Bureau (CFPB), has joined the firm as Counsel in its Washington, D.C. office. A recognized expert in the field of consumer financial protection regulation, Olson will bring valuable insights and broad experience on regulatory matters based on his experience at the CFPB, the Board of Governors of the Federal Reserve System (FRB), and the Federal Trade Commission (FTC). Most recently, he supervised the CFPB’s mortgage and credit card rulemakings, including those implementing provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Olson will play an integral role in the firm’s Government Enforcement/CFPB practice, handling financial services matters at the intersection of consumer protection and government regulation to provide advice and guidance to clients on government investigations and enforcement actions.
While at the CFPB, Olson managed over 40 regulatory attorneys and staff in the Bureau’s Office of Regulations, which is responsible for researching and analyzing complex legal and policy issues, drafting proposed and final rules and providing guidance to supervision and enforcement staff regarding consumer financial protection laws. Most recently, he oversaw eight Dodd-Frank Act mortgage rulemakings, including the CFPB’s Ability-to-Repay/Qualified Mortgage, Mortgage Servicing and Loan Originator Compensation final rules. Prior to that, he led the CFPB’s preparation of proposed regulations and forms integrating federal mortgage disclosures.
“Consistent with our strategy of bringing in attorneys of the highest caliber with whom our firm has had longstanding professional relationships, we are very fortunate to have Ben bring his unique expertise to the firm, given his leading role in the extensive rulemaking process focused on the mortgage and credit card industries,” explained BuckleySandler Chairman and Executive Partner, Andrew L. Sandler. “Our clients look to us for our experience handling financial services matters at the intersection of consumer protection and government regulation. Ben’s direct experience as a senior lawyer at both the Federal Reserve Board and the CFPB will be of great assistance as we guide our clients through the challenges ahead in this time of heightened regulatory scrutiny.”
Before joining the CFPB in June 2011, Olson served as counsel in the Regulations Branch in the FRB's Division of Consumer and Community Affairs. While there, he was a leader in the Board's development of new rules regulating the credit card industry, including the rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009. Prior to that, Olson worked on enforcement matters in the FTC's Division of Financial Practices.
“After eight years working on consumer financial services matters in a variety of government roles, I look forward to bringing my regulatory, policy and enforcement experience to help the firm better assist its clients prepare for, address and respond to consumer regulatory actions and to enhance their compliance programs to limit enforcement exposure,” noted Olson.