CFPB Finalizes Unavailing ‘No-Action’ Letter Policy

The Consumer Financial Protection Bureau today finalized a policy under which companies may request “no-action” letters indicating that bureau staff have “no present intention” to initiate enforcement or supervisory actions based on a particular product or aspect of a product.

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Nichols Makes the Case for Responsible Fintech Regulation

A responsibly regulated fintech industry is essential for ensuring consumer protection and allowing for greater cooperation between banks and alternative financial service providers, ABA President and CEO Rob Nichols said in an op-ed in American Banker today.

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ABA Facilitates Mobile Alerts by Wireless Carrier

ABA recently worked with Verizon Communications, Inc. to ensure that banks would be able to send data breach notifications, suspicious activity alerts, and other time-sensitive messages to their customers over Verizon’s network, without the bank having first to obtain the prior express consent of the customer. In July, the Federal Communications Commission released an order that granted four petitions made ...

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