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Volume 29 - Number 5

March 5, 2018

Attorneys Expect Changes to CFPB Policy on ‘No-action Letters’

The CFPB needs to rethink its approach to financial innovators, and one of the most welcomed changes would be to reinvent the agency’s “no-action letters” policy, compliance attorneys said. The program was introduced in February 2016 as part of the bureau’s “Project Catalyst” to improve access to consumer financial products and services, and to reduce regulatory uncertainty for financial innovators. A no-action letter would indicate that bureau staff have reviewed a company’s application ...

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What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.
I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.
Not bad, but he needs to take his time making additional changes.
We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!

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