The US Consumer Financial Protection Bureau is giving no-action letters a second chance. On January 8, 2025, the CFPB issued a policy statement setting forth new procedures for companies to request supervisory and enforcement relief through no-action letters. The policy statement was issued at the same time as a related policy statement setting forth procedures for companies to seek approvals under the CFPB’s Compliance Assistance Sandbox, which would permit companies to rely on certain statutory safe harbor provisions. Both policy statements reestablish programs that had been established in 2019 and rescinded in 2022, following what the CFPB determined were potential abuses and other challenges in connection with the programs. The new policy statements incorporate updates that the CFPB indicates are intended to address those issues and to otherwise improve the effectiveness of the related programs.
For more information, see this Mayer Brown Legal Update.