CFPB to Approve Potentially Risky Fintech Products
CFPB finalizes policy that gives companies a private channel to seek approvals of untested new products and a promise that the CFPB will not take action for consumer protection law violations WASHINGTON D.C. — Consumer advocates criticized today’s announcement by the Consumer Financial Protection Bureau that it has finalized policies to give banks, fintech companies, and other corporations no-action letters and approvals that will protect companies from enforcement and deem potentially risky new products and services to be in compliance with the law. “The new ‘compliance assurance sandbox’