CFPB No-Action Letters May Be Small Comfort For Innovators

By Evan Weinberger (October 30, 2014, 3:21 PM EDT) -- The U.S. Consumer Financial Protection Bureau is seeking to offer financial product developers assurances that new products don't violate any laws in the form of so-called "no-action letters," but attorneys say the program's burdensome requirements could limit its appeal.

Getting CFPB no-action letters, which assure companies their products or services violate no laws and that officials won't pursue an enforcement action, likely comes with a heavy price, however, including a high disclosure burden to secure the CFPB's go-ahead on a new financial product and the potential that other regulators may not follow the CFPB's lead.

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