CFPB Finalizes “No-Action” Letters
The CFPB has completed a policy aimed at promoting innovation by providing companies a way to vet new products for compliance concerns before launch through the use of “no-action” letters. However, several associations are pointing out that the bureau’s policy does virtually nothing to reduce regulatory uncertainty, as the scope of the letters is limited and the letters themselves are anticipated to be granted rarely. [2/19/16]