Last month, the CFPB made what it characterized as a significant update to its proposed policy to encourage trial disclosure programs, part of its Project Catalyst, an initiative to support innovators in creating consumer‐friendly financial products and services. After obtaining and sifting through feedback with various stakeholders, the bureau made a number of revisions and clarifications, including: Iterative testing. Companies can conduct iterative testing during disclosure trials, making small adjustments throughout the trial...