Tag Archives: CFPB reform

ABA, Groups Welcome CFPB ‘Sandbox’ Proposal

In a letter to the Consumer Financial Protection Bureau today, ABA and three other trade groups offered their support for the bureau’s proposed changes to its 2016 no-action letter policy and its proposal to establish a “sandbox” where banks and nonbank fintech firms can test new products, services and delivery mechanisms.

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Mulvaney: CFPB to Provide Clarity on UDAAP Standard

The Consumer Financial Protection Bureau will likely issue a rule to define what kinds of practices it considers "abusive" under the Dodd-Frank Act, providing greater clarity to the controversial UDAAP standard created by the statute, Acting Director Mick Mulvaney said today. 

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ABA Cautions Against Global Regulatory Frameworks for Fintech

In response to the Consumer Financial Protection Bureau’s call for feedback on its partnership in the Global Financial Innovation Network, ABA urged the bureau to clarify that bank-startup partnerships are among the “innovative companies” GFIN intends to serve. ABA’s comment letter yesterday also stressed that the scope of GFIN should not be expanded to recommend best practices or regulatory frameworks, ...

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