CBA Statement on CFPB Updates to No-Action Letter Policy, Trial Disclosure Policy, & Compliance Assistance Sandbox

September 10, 2019
Nick Simpson

 

CBA Statement on CFPB Updates to No-Action Letter Policy, Trial Disclosure Policy, & Compliance Assistance Sandbox

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the Consumer Financial Protection Bureau’s new No-Action Letter (NAL), Trial Disclosure and Compliance Assistance Sandbox policies designed to facilitate compliance and promote innovation:

 

"The Bureau’s actions will help ensure financial institutions' can continue offering products and services to keep pace with the constantly changing needs of consumers. CBA members welcome many of the changes set forth here and look forward to increasing innovation with responsible regulation.”

 

NOTE: Many of the changes to the NAL were advocated for by CBA in comments submitted at the beginning of this year to the Bureau.

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.