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Volume 25 - Number 21

October 13, 2014

Bureau Proposes No-Action Letter Policy to Foster Emerging Products

The CFPB is proposing to implement a limited ďno-action letterĒ policy to reduce the regulatory uncertainty that may exist for certain emerging products or services which stand to benefit consumers. This proposed policy is suited for new financial products or services where there may be uncertainty about how they fit in the existing statutes and regulations Ė assuming such products or services hold the promise for significant consumer benefit, according to CFPB Financial Analyst Dan Quan. The proposed policy would allow bureau staff to send a no-action letter to a company informing it that the CFPB isnít planning to recommend initiation of supervisory or enforcement action in connection with a firmís offering or provision of a new product. Also, an NAL ...

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