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What Trumps at the CFPB? Regulatory Outlook for 2017


Speaker(s): Benjamin K. Olson, Jonice Gray Tucker, Valerie L. Hletko
Recorded on: Feb. 13, 2017
PLI Program #: 208863

Benjamin K. Olson, former Deputy Assistant Director for the Office of Regulations at the Consumer Financial Protection Bureau (CFPB), is a partner in the Washington, DC office of BuckleySandler LLP. His practice includes advising clients on the following matters:

  • Compliance with CFPB mortgage and credit card regulations, particularly the rules implementing the Dodd-Frank Act and CARD Act amendments to the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA)
  • Preparations for upcoming changes in regulations, particularly the CFPB’s final rule integrating mortgage origination disclosures under TILA and RESPA (sometimes referred to as the Bureau's TILA-RESPA Integrated Disclosure, or "TRID" rule, or the "Know Before You Owe" initiative) and the final rule amending the regulations under the Military Lending Act
  • Designing terms and disclosures for mortgage and credit card products and features, 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)
  • Examinations, investigations, and enforcement actions by the CFPB and other regulators, particularly with respect to loan originator compensation, RESPA, Section 8, and mortgage servicing

A frequent speaker at industry conferences, Mr. Olson is a recognized authority in the field of consumer financial protection regulation and brings valuable insights and broad experience on regulatory matters based on his work at the CFPB, the Board of Governors of the Federal Reserve System, and the Federal Trade Commission.

Mr. Olson was ranked as an "Up and Coming" lawyer in Financial Services Regulation (Enforcement & Investigations), with particular emphasis on his CFPB experience. Sources praised his level-headedness -- "he doesn't panic, he's just solution-oriented."

Prior to joining BuckleySandler, Mr. Olson managed over 40 regulatory attorneys and staff in 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 eight Dodd-Frank Act mortgage rulemakings, including the CFPB’s Ability-to-Repay/Qualified Mortgage rule, Mortgage Servicing rules and Loan Originator Compensation rule, as well as two amendments to the CARD Act rules. Prior to that, he led the CFPB’s TILA-RESPA Integrated Disclosure, or "TRID" Rule.

Before joining the CFPB in June 2011, Mr. Olson served as Counsel in the Regulations Branch of the Federal Reserve Board’s Division of Consumer and Community Affairs. There, he played a leading role in the Board's development of new rules regulating the credit card industry, including the rules implementing the CARD Act. Prior to that, Mr. Olson worked in the Federal Trade Commission's Division of Financial Practices, where he investigated and prepared enforcement actions against financial service providers for unfair and deceptive practices (UDAPs) and other violations of consumer financial protection laws, and at the law firm Hogan & Hartson (now Hogan Lovells).

Mr. Olson served as law clerk to the Honorable Emilio M. Garza on the United States Court of Appeals for the Fifth Circuit and attended Georgetown University Law Center and Tulane University.

Practice Areas

Education

  • B.A., Tulane University, 1997 (cum laude)
  • J.D., Georgetown University, 2001 (magna cum laude, Order of the Coif)

Admissions

  • District of Columbia


Jonice Gray Tucker is a founding partner with Buckley Sandler LLP and a member of the Firm’s Executive Committee.  Ms. Tucker specializes in work with banks, non-bank financial institutions, and other companies providing financial products and services. Ms. Tucker focuses a substantial portion of her practice on government investigations, enforcement actions, and examinations, having served as defense counsel in matters brought by the DOJ, BCFP (formerly CFPB), HUD, FTC, prudential banking regulators, and state regulators, including state Attorneys General, the NYDFS, and the California DBO among others. Ms. Tucker also represents clients in complex civil litigation, conducts internal investigations, and counsels clients on compliance with laws governing financial services.

Ms. Tucker has been recognized in Chambers USA as a leading lawyer in the category of Financial Services Regulation: Banking (Enforcement & Investigations) as well as in Super Lawyers (Consumer Law, Civil Litigation Defense, and Banking), Best Lawyers (Banking and Finance Law), and Legal 500 (Litigation). In 2018, she received MCCA’s Rainmaker Award and also was recognized by Savoy as one of the nation’s Most Influential Black Lawyers.

Ms. Tucker has been featured in Washingtonian magazine’s Top Lawyers issue, the “Meet the Women Rainmakers” segment of Law Practice Today, in Law360’s Rainmaker series, and in Law360’s Minority Powerbroker series. She also was selected for Legal BisNow’s 40 Top Lawyers Under 40.

Ms. Tucker is Chair of the American Bar Association’s Banking Law Committee, which has more than 2,000 members. She also serves on the Board of Regents of the American College of Consumer Financial Services Lawyers.

Ms. Tucker holds a J.D. from Yale Law School and B.A. from the University of Virginia (Phi Beta Kappa).


Valerie L. Hletko, partner in the Washington, DC, office of BuckleySandler LLP, represents institutions and individual clients in complex civil litigation and class actions. She also represents clients in connection with regulatory examinations, investigations, and administrative enforcement actions initiated by the DOJ, FDIC, FRB, CFPB, HUD, and state bank regulatory agencies and state Attorneys General.

Ms. Hletko counsels clients on risk management, fair lending, loss mitigation and residential mortgage loan modification programs, and compliance with consumer financial laws, such as FCRA, ECOA, HMDA, FDCPA, RESPA, TILA, and prohibitions on unfair, deceptive, or abusive practices in Section 5 of the Federal Trade Commission Act (UDAP) and Section 1036 of the Consumer Financial Protection Act (UDAAP).

Ms. Hletko lectures and publishes on a range of subjects of interest to financial institutions, including fair and responsible banking practices, specialty finance, vendor management, and regulatory enforcement trends.

Ms. Hletko received her B.A. from Kenyon College (magna cum laude), her M.T.S. from Harvard University, and her J.D. from the University of Chicago.

PRACTICE AREAS

Consumer Financial Protection Bureau

Class Actions

Fair & Responsible Banking Government Enforcement Litigation

Mortgage Servicing Regulatory Examinations

Servicemembers Civil Relief Act Specialty Finance

Unfair, Deceptive & Abusive Acts and Practices

Vendor Management & Transactions

BAR ADMISSIONS

District of Columbia New York

U.S. District Court (DC)

U.S. District Court, Southern District of Indiana

U.S. Supreme Court