CFPB Puts Out No-Action Guide For Small-Dollar Bank Loans

Law360 (May 22, 2020, 6:20 PM EDT) -- The Consumer Financial Protection Bureau on Friday unveiled a framework to help banks get no-action relief for small-dollar loans they're considering offering, outlining certain "guardrails" that would need to be included in such products to meet with the agency's approval.

In response to a request from the Bank Policy Institute, the CFPB released an application template that banks with more than $10 billion in assets can use to seek a no-action letter from the agency that would provide some regulatory cover for small-dollar loan products they plan to roll out to their customers.

The template describes what information the CFPB would...

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