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Former CFPB attorneys critique new No-Action Letters, compliance sandbox policies
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Consumer Protection, Emerging Technology, Government Oversight, Industry Regulation, Nonbank Financial
Friday, January 17, 2025
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The Consumer Financial Protection Bureau (CFPB) released policy statements placing new conditions on No-Action Letters and its Compliance Assistance Sandbox Policy, intended to ensure companies use these tools for their intended purposes related to testing innovative financial products or services without fear of legal repercussions.
Dodd Frank Update reached out to a pair of former CFPB attorneys about the new restrictions and the implications of issuing such a proposal just before a change in presidential administration.
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