The CFPB announced that it finalized its policy to approve requests by supervised entities for waivers from consumer disclosure obligations to allow for the testing of alternative disclosures. The Dodd-Frank Act gives the CFPB authority to approve trial disclosure programs. The policy is divided into four sections: (1) Section A describes which proposed programs will be considered eligible for a temporary waiver; (2) Section B lists factors the CFPB may consider in deciding which eligible programs to approve for such a waiver; (3) Section C describes the CFPB’s procedures for issuing waivers; and (4) Section D describes how the CFPB will disclose information about the programs. Some factors the CFPB will consider in determining whether to grant a waiver include improvements to consumer understanding, increased cost effectiveness and decreased consumer risk.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
