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      Home»Fintech » CFPB Updates No Action Letter Policy as Acting Director Leaves

      CFPB Updates No Action Letter Policy as Acting Director Leaves

      December 12, 2018
      Fintech, USA
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      On his final day as acting director of the CFPB Mick Mulvaney signed an updated no action letter policy that significantly broadens the protection for fintech firms to test new technology; the move was widely criticized by advocacy groups as they say the new policy will encourage bad actors; the newly sworn in director, Kathy Kraninger, will now add this to her plate of duties as she takes over on a full time basis after being confirmed by the Senate; the letter states they will focus on, “quality and persuasiveness of the application, with particular emphasis on the potential benefits of the product or service in question for consumers”; companies will also have to include the regulatory provision from which they are seeking relief when applying for a no action letter. Source.

      Tags : CFPB, fintech regulation, no-action letter
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