A “no action letter” (NAL) has been terminated at the request of the company that initially received it so the firm could change its underwriting and pricing models but not be subject to additional review, […]
Without offering a specific timetable for implementing one, Treasury’s financial crimes enforcement unit told Congress Monday that a no-action letter process “would be a useful complement” to its current forms of regulatory guidance and relief” […]
A “no action letter” (NAL) giving Bank of America supervisory cover for its planned approach to small-dollar lending was granted Thursday, according to a release by the consumer financial protection agency. The Consumer Financial Protection […]
A template for employee applications to employer-created automatic savings (autosave) programs has been deemed by the Consumer Financial Protection Bureau (CFPB) to be compliant with Electronic Funds Transfer Act (EFTA) and related Regulaion E provisions […]
Two templates that providers can use to seek “no action letters” (NALs) for use of a specific online mortgage loss mitigation application platform and for their small-dollar credit products were released Friday by the Consumer […]
A no-action letter (NAL) issued Friday to Bank of America (BofA) by the federal consumer financial protection agency provides there will be no supervisory findings or enforcements issued regarding the bank’s funding arrangements with housing […]
Federal banking agencies will exercise discretion to not take enforcement action against banks or asset managers lending to investment fund-controlled companies under certain conditions, the federal banking agencies said Friday. In issuing its “no action” […]
The three policies announced earlier this week by the consumer financial protection bureau, offering providers a measure of protection against compliance violations when they receive prior agency approval for certain activities, are slated for publication […]
Three policies announced Tuesday are intended to improve how the federal consumer financial protection agency exercises its authority to facilitate innovation and reduce regulatory uncertainty, the director of the agency told an Atlanta audience. In […]
Use of an “alternative data” model for determining credit worthiness has resulted in 27% more applicants being approved, and 16% lower interest rates, than traditional models have recorded, the federal consumer financial protection agency said […]
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