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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 CFPBís proposal 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. 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. As innocuous as that sounds, at least one firm, International Bancshares Corp. of Laredo, TX, said it had serious concerns with the bureauís proposal, which the company characterized as very narrow. Among the companyís complaints is that the bureauís ...

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