WASHINGTON—The Bureau of Consumer Financial Protection will issue a proposal to revise its current “No-Action” letter policy, CUNA reported.
The proposal will have a 60-day comment period after it is published in the Federal Register, which is expected soon.
A Bureau no-action letter signifies that Bureau staff have no present intent to recommend initiation of supervisory or enforcement action against a particular product or service from a particular entity.
CUNA said it encouraged the Bureau to amend its no-action letter policy during an August meeting with Bureau Assistant Director Paul Watkins, head of the Office of Innovation, which announced the upcoming proposal.