Released: December 13, 2018
CFPB moves to further ease enforcement on financial industry
Source: Ben Lane, HousingWire
The CFPB is proposing new rules surrounding “no-action letters”. The no-action letter is an assurance from the bureau that it won’t take action against a financial services provider for trying a new product or service as long as the company provides certain information to the bureau and complies with a series of rules.
The proposal drew the ire of Rep. Maxine Waters, D-Calif., who is set to lead the powerful House Financial Services Committee when the new congressional session begins next year.
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