CFPB’s ‘no-action letter’ plan gets mixed reviews

Credit union groups mostly support the program, while consumer groups worry the CFPB will overstep its authority.

The CFPB’s plans to expand its no-action letter policy and to establish a regulatory sandbox have received mixed reviews; credit unions support the efforts with some reservations, while consumer groups panned the idea.

And states attorneys general divided along party lines; 22 Democratic attorneys general blasted the proposal, while seven Republicans said they supported it.

Consumer groups said the CFPB would overstep its authority if it implemented the programs.

The CFPB is proposing to streamline the no-action letter application by eliminating several elements it believes are “redundant or unduly burdensome.”


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