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Volume 25 - Number 26

December 22, 2014

Industry Reps Split on CFPB’s ‘No-Action Letters’ Proposal

Different segments of the financial services industry are split on the CFPB’s proposal to implement a limited “no-action letter” policy to reduce the regulatory uncertainty that may exist for certain emerging products or services which stand to benefit consumers. The proposed policy would allow bureau staff to send a no-action letter to a company informing it that the CFPB isn’t planning to recommend initiation of supervisory or enforcement action in connection with a firm’s offering or provision of a new product. As innocuous as that sounds, at least one firm, International Bancshares Corp. of Laredo, TX, said it had serious concerns with the bureau’s proposal, which the company characterized as very narrow. Among the company’s complaints is that the bureau’s ...

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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