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ABA: The American Bankers Association
Statement

ABA Applauds CFPB Actions to Promote Innovation

“ABA appreciates the steps the Bureau has taken today to promote responsible innovation. Regulatory uncertainty can hinder the development of innovative products and services that benefit consumers and expand access to the financial system. The Trial Disclosure Program, Compliance Assistance Sandbox and No Action Letter policies announced today will contribute to an environment where innovation can flourish.

“We also welcome the Bureau’s effort to increase information sharing and coordination with state regulators through the establishment of the American Consumer Financial Innovation Network. This collaboration will further reduce regulatory uncertainty, promote innovation and increase competition that benefits consumers.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $18 trillion in deposits and extend nearly $11 trillion in loans.

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Sarah Grano

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