CFPB Rescinds Revised Policy on No-Action Letters and Policy on Compliance Assistance Sandbox - JD Supra

The CFPB precocious announced that it is rescinding the revised Policy connected No-Action Letters and the Policy connected the Compliance Assistance Sandbox (the Policies) arsenic of September 30, 2022.  The CFPB determined that the Policies did not facilitate consumer-beneficial innovation and did not conscionable standards for transparency and stakeholder participation.

The revised Policy connected No-Action Letters outlined however companies should taxable No-Action Letter applications and however the CFPB assessed and issued No-Action Letters.  The Policy connected the Compliance Assistance Sandbox elaborate however the CFPB would supply a institution immunity nether a harmless harbor proviso oregon assistance support concluding that the institution complied with applicable Federal law.

The CFPB allowed the Paperwork Reduction Act authorization for the Policies to expire connected September 30, 2022, and accordingly nary longer accepts applications nether the Policies.  However, the CFPB volition proceed to judge requests nether the revised Policy to Encourage Trial Disclosure Programs.  The CFPB stated that it is moving to make caller approaches to facilitate improvement of caller products and services.