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Innovation No-Action Letters

Ballard Spahr LLP

House Financial Committee to hold Dec. 5 hearing on financial innovation

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Today, the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion will hold a hearing entitled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape...more

Ballard Spahr LLP

CFPB rescinds no-action letter and compliance assistance sandbox policies

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The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies).  The rescission was effective on...more

McGlinchey Stafford

CFPB Launches New Office to Facilitate Competition and Innovation

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On May 24, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it is replacing the Office of Innovation with the newly-established Office of Competition and Innovation. The CFPB intends to “help spur...more

Ballard Spahr LLP

CFPB and Utah AG announce joint office hours in Salt Lake City as part of ACFIN

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The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN).  The joint office hours will be held on January 30, 2020 in...more

BCLP

CFPB September 2019 Roundup

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Enforcement, Innovation, Consumer Data and Unconstitutionality - Director Kraninger and the Consumer Financial Protection Bureau have been busy this month. Summer is over, and back to school it is. In addition to...more

McGuireWoods LLP

Seeking to Promote Financial Innovation, CFPB Revises No Action Letter Policy and Announces Other Initiatives

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On Tuesday, the Consumer Financial Protection Bureau (“Bureau”) published a revised No Action Letter (“NAL”) policy aimed at offering financial innovators an avenue for obtaining more regulatory certainty before introducing...more

Goodwin

CFPB Releases Final Policy on No-Action Letters

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On February 18, 2016, the CFPB released its final policy regarding the issuance of No-Action Letters (NALs). While some in the industry question the efficacy of the new policy, lenders and other consumer financial service...more

Morrison & Foerster LLP

CFPB Proposes Issuing No-Action Letters: Innovation at Too Much Cost and Uncertainty?

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On October 10, 2014, the CFPB issued notice of and requested public comment on a proposed policy allowing CFPB staff to issue no-action letters (NALs) for “innovative financial products or services that substantially benefit...more

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