On December 13, 2018, the Bureau of Consumer Financial Protection published in the Federal Register a proposed policy, which would modify its 2016 Policy on No-Action Letters and create a new “Product Sandbox” policy in an effort to encourage banks and financial services providers to test new financial products.
The alert discusses the Proposed Policy’s intention to fix several shortcomings of the 2016 Policy and encourage companies to test new financial products and services.
Read our client alert.