Last week, the CFPB finalized its proposed revisions to its trial disclosures and no-action letter policies and also finalized its proposal to create a new FinTech sandbox policy. It also announced the creation of the American Financial Innovation Network (ACFIN), a network of federal and state regulators to facilitate innovation, and issued its first no-action letter under the final revised policy.
We are delighted that Paul Watkins, Director of the CFPB’s Office of Innovation, has agreed to participate as our special guest in a webinar with Ballard Spahr attorneys that will explore the potential benefits of these innovation policies. The webinar, “The CFPB’s Final Innovation Policies: What You Need to Know,” will be held on October 1, 2019 from 12:00 to 1:00 p.m. ET. Click here to register.
Our discussion will include:
- An overview of the three final policies
- Key differences between the final policies and prior policies
- The CFPB’s evaluation of applications under the final policies
- Benefits for approved applicants under the policies
- Confidentiality concerns
- The impact of state law and state sandboxes, including the role of the ACFIN
- The first no-action letter