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 in the Federal Register Friday as rules.
The revised no-action letter (NAL) policy is described in the Consumer Financial Protection Bureau (CFPB) notice as “policy guidance”; it is published in the Register under the heading of “rule.” Also being published are the bureau’s new trial disclosure program policy and the compliance assistance sandbox policy, each described in the F.R. notices as “policy guidance and procedural rule” and listed under the heading of “rule.”
Each of the policies was made applicable as of Sept. 10, 2019.
F.R. notice – no-action letter policy