BCFP follows CUNA recommendation with ‘no-action’ letter proposal
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.
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