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CFPB’s no-action letter proposal raises several concerns of uncertainty
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Legislation
Friday, December 19, 2014
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Several agencies have systems in place that allow regulated individuals and entities to seek no-action letters, letters that essentially protect their requesters from enforcement action. Given the uncertainty surrounding the authority of the Consumer Financial Protection Bureau, one would expect the bureau’s proposed no-action letter system to be met with open arms. That wasn’t entirely the case.
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