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Sandbox Consumer Financial Products

Wiley Rein LLP

Wiley Consumer Protection Download (July 12, 2022)

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Regulatory Announcements- CFPB Issues Advisory Opinion on FCRA Permissible Purposes for Providing Consumer Reports. On July 7, the CFPB issued an Advisory Opinion on the Fair Credit Reporting Act (FCRA) that outlines...more

Sheppard Mullin Richter & Hampton LLP

CFPB Announces Opening of New Office of Competition and Innovation

On May 24, CFPB announced the opening of the Office of Competition and Innovation, as part of its new approach to increase competition amongst consumer financial service companies by identifying barriers to entry for new...more

Moore & Van Allen PLLC

North Carolina Innovation Council Takes Shape to Implement New FinTech and InsurTech Regulatory Sandbox Program

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As home to the second largest banking center in the country, North Carolina has stepped onto the leading edge of innovation in the FinTech and InsurTech arenas. Late last year, Governor Cooper signed into law H624, the North...more

Hogan Lovells

Brazilian Central Bank Regulatory Sandbox

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In December 2020, the Brazilian Central Bank (BCB) approved the rules for the commencement of the first cycle of the BCB regulatory sandbox. The BCB regulatory sandbox is an initiative that allows institutions to test...more

Hogan Lovells

UK Fintech: Rachel Kent comments on the Kalifa Review

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The past six months for me have been exciting and inspirational. I had the privilege of coordinating, together with Dr Kay Swinburne (KPMG), the policy and regulation chapter of Ron Kalifa OBE's report on the UK's Fintech...more

Hogan Lovells

Latest updates on the Italian Regulatory Sandbox

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New provisions have been introduced to the Italian law concerning the development of FinTech initiatives and the establishment of an Italian Fintech Sandbox. Secondary measures are expected to be enacted by 31 January 2021....more

Skadden, Arps, Slate, Meagher & Flom LLP

Consumer Financial Protection Bureau Launches Advisory Opinion Process

On June 18, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the pilot of a new Advisory Opinion process, offering a potentially useful tool for those seeking guidance on compliance issues. ...more

McGlinchey Stafford

Regulatory sandboxes, policy changes spur innovation

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Regulatory uncertainty remains one of the most significant challenges to finance companies that want to develop creative and innovative products and services. Federal and state agencies have implemented policies to facilitate...more

Ballard Spahr LLP

House to hold hearing on artificial intelligence

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On February 12, 2020, the House Financial Services Task Force on Artificial Intelligence will hold a hearing titled, “Equitable Algorithms: Examining Ways to Reduce AI Bias in Financial Services.”...more

Hogan Lovells

Italy consults on FinTech sandbox

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The Italian Ministry of Economy and Finance has launched a consultation on a Draft Decree on the criteria to test FinTech initiatives in a sandbox environment and to establish a FinTech Committee. The criteria include the...more

Ballard Spahr LLP

CFPB finalizes product sandbox proposal and changes to trial disclosure, no-action letter policies; discloses plans to propose...

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The CFPB has finalized its proposed revisions to its Policy to Encourage Trial Disclosure Programs” (TDP Policy) and policy on “no-action” letters (NAL Policy) and has also finalized its proposal to create a new “product...more

Proskauer - Blockchain and the Law

Utah Passes the Third State-Run “Sandbox” for Innovative Financial Products and Services

Utah’s governor recently signed into law H.B. 378, which created a sandbox program for companies providing “innovative financial products or services” in the state. The program, run by Utah’s Department of Commerce, requires...more

Orrick, Herrington & Sutcliffe LLP

Anche l'Italia avrà la sua regulatory sandbox

La legge 28 giugno 2019, n. 58 ("Legge 58/2019") ha convertito con modificazioni il decreto legge 30 aprile 2019, n. 34 (c.d. "Decreto Crescita"), introducendo un'importante novità in materia di regolamentazione bancaria,...more

Burr & Forman

State Law Fintech Roundup

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As fintech and blockchain transactions continue to grow in popularity, they are receiving increased attention at the state level, whether through fintech sandboxes, crypto-friendly legislation, or other initiatives aimed to...more

Ballard Spahr LLP

Utah’s new regulatory sandbox

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Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019.  This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in...more

Ballard Spahr LLP

Wyoming creates fintech sandbox

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Earlier this year, Wyoming became the second state to create a financial technology (fintech) sandbox by enacting the “Financial Technology Sandbox Act” (Sandbox Act).  (Arizona was the first state to create a fintech sandbox...more

Ballard Spahr LLP

OCC wants its supervised financial institutions to play in a sandbox, too! But is it worth it?

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The Office of the Comptroller of the Currency (OCC) has opened its own “sandbox” through a Proposed Innovation Pilot Program (Program) designed to promote its innovation initiatives, add value through proactive supervision,...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Zuck and Co. are launching a major platform redesign as Facebook attempts to move beyond years of privacy-related scandals and promote group-based communications rather than the public-square newsfeed....more

Burr & Forman

CFPB Update: April 2019

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The Consumer Financial Protection Bureau (CFPB or Bureau) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Ballard Spahr LLP

CFPB clarifies coverage of “disclosure sandbox” proposal; consumer groups comment on proposed revisions to no-action letter policy...

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“Disclosure Sandbox.”  In September 2018, the Bureau proposed significant revisions to its “Policy to Encourage Trial Disclosure Programs” which sets forth the Bureau’s standards and procedures for exempting individual...more

Perkins Coie

Fintech Regulatory Sandboxes: Update on Arizona’s Sandbox and Other Developments

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Arizona’s financial technology (“fintech”) sandbox (“Sandbox”), the first of its kind in the United States, has been open for several months and has accepted three participants. A month after the program’s launch, Arizona’s...more

Ballard Spahr LLP

Cato Institute to hold Jan. 17 policy forum on fintech innovation

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The Cato Institute announced that it will hold a policy forum in Washington, D.C. on January 17, 2019 at which the topic will be “Promoting Fintech Innovation and Consumer Choice: The Role of Regulatory Sandboxes.”...more

Nutter McClennen & Fish LLP

Fintech in Brief: Issues to Consider in Connection with the CFPB’s Proposed Product Sandbox and Policy Changes for No-Action...

Bank, nonbank, and Fintech providers of consumer financial products and services may be able to reduce their exposure to compliance risk under the December 13, 2018 No Action Letter (“NAL”) Policy changes proposed by the...more

Ballard Spahr LLP

BCFP proposes revision to no-action letter policy and creation of new product sandbox

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The BCFP has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCFP Product Sandbox.”  Comments will be due no later than 60 days after the date...more

Ballard Spahr LLP

BCFP proposes revisions to no-action letter policy and creation of new product sandbox

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The BCFP has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCFP Product Sandbox.”  Comments must be received on or before February 11, 2019....more

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