The Consumer Financial Protection Bureau updated its innovation webpage to include its “No-Action Letter” policy. The bureau last month proposed revisions to the policy, setting up an avenue for banks and fintechs to innovate without fear of the bureau issuing an enforcement action.
Since the policy was first adopted in 2014, the bureau has only issued one no-action letter. The proposed revisions would amend the 2014 policy to streamline the application process and strengthen the assurance of foregone enforcement actions. ICBA plans to provide comments.
Visit Bureau’s Innovation Page