The Bureau of Consumer Financial Protection will issue a proposal to revise its current “No-Action” letter policy following CUNA efforts to have the bureau amend to provide clarity regarding enforcement and supervision expectations. The proposal will have a 60-day comment period after it is published in the Federal Register, which is expected soon.
A bureau no-action letter signifies that bureau staff has no present intent to recommend initiation of supervisory or enforcement action against a particular product or service from a particular entity.
CUNA encouraged the bureau to amend its no-action letter policy during an August meeting with Bureau Assistant Director Paul Watkins, head of the Office of Innovation, which announced the upcoming proposal.
Additional details can be found on CUNA’s Removing Barriers Blog.