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.

Companies ask for the guidance the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!