CFPB Takes Action to Help Struggling Homeowners Seeking Mitigation Efforts; Consumers Seeking Small-Dollar Loans
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced that it issued two No-Action Letter (NAL) Templates under its innovation policies. Regulatory uncertainty can hinder the development of innovative products and services with the potential to benefit consumers. To encourage innovation, last year the Bureau introduced an improved NAL Policy that includes, among other things, a more streamlined review process focusing on the consumer benefits and risks of the applicant’s product or service. NALs provide increased regulatory certainty through a statement that the Bureau will not bring a supervisory or enforcement action against a company for providing a product or service under certain facts and circumstances.