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ABA: The American Bankers Association
Compliance News

ABA, Groups Welcome CFPB 'Sandbox' Proposal

In a letter to the Consumer Financial Protection Bureau, ABA and three other trades offered support for the Bureau’s proposed changes to its 2016 No-action Letter policy (NAL) and its proposal to establish a “sandbox” to enable banks and financial technology companies to test new products, services and delivery mechanisms. We recommended that the Bureau: strengthen liability protections for companies that comply in good faith with the terms of a NAL or Sandbox approval; coordinate proactively with other regulators; ensure the confidentiality of data and information; and commit to amending relevant regulations when program experience demonstrates it is warranted.