The Consumer Financial Protection Bureau is aiming to launch the first federal sandbox in the new year and roll out other policies to encourage financial services innovation.
The goal of the “regulatory sandbox” and no-action letter policies is to spur innovation in lending and payments by exempting participating companies from some consumer finance laws. In exchange, the CFPB would ease up on enforcement actions against companies for potential violations of consumer finance laws.
For some fintech proponents, the CFPB’s sandbox is a critical initiative to help regulators learn more about innovative products. The proposals are expected to be finalized in ...
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