The Consumer Financial Protection Bureau is revising its no-action letter policy to entice more financial services companies to test out new products and services without fear of enforcement action.
The agency is giving stronger reassurances that it won’t take enforcement action under broad-reaching consumer finance laws against firms that win approval under the no-action policy, according to a proposal obtained Dec. 7 by Bloomberg Law.
Obtaining no-action letters can help startups attract investors or partners. More established players in the financial services industry can use them to experiment with technologies like machine learning and artificial intelligence with less fear of ...
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