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CFPB On Right Track With 'Sandbox,' Trade Groups Say

Law360 (October 12, 2018, 9:58 PM EDT) -- The Consumer Financial Protection Bureau’s “disclosure sandbox” proposal is a step in the right direction for promoting consumer-friendly innovation in financial disclosures, a number of industry trade groups and Republican state attorneys general say, but consumer advocates and some Democratic attorneys general warn that the idea goes too far and puts consumers at risk.

In September, the CFPB said it was seeking to revise its trial disclosure program, a policy intended to make use of the agency’s authority under the Dodd-Frank Act to provide companies with legal latitude for testing out new and different kinds of disclosures for consumer financial products...

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