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Last week, the Consumer Financial Protection Bureau (CFPB) held a press event in Atlanta to announce its new innovation policies and also to announce the opening of a new bureau office in Atlanta. Under the Dodd-Frank Act, part of the Bureau’s mission is to “facilitate innovation and access to financial products and services for consumers.” During the announcement, the Director Kraninger announced three (3) new innovation policies, including the compliance assistance sandbox, the revised trial disclosure program, and the no-action letter policy. These policies are designed “to promote innovation and facilitate compliance” for stakeholders looking to create new financial products and services for consumers.
The CFPB also issued its first no-action letter to Housing and Urban Development (HUD) counseling agencies. The letter states that the Bureau will not take “supervisory or enforcement action under RESPA against HUD-certified housing counseling agencies that have entered into certain fee-for-service arrangements with lenders for pre-purchase housing counseling services.”
Lastly, Director Kraninger announced the launch of the American Consumer Financial Innovation Network (ACFIN), which is a partnership between the Bureau and state regulators to “enhance coordination among federal and state regulators to facilitate innovation.” Attorneys General from Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee, and Utah are the initial members of ACFIN, while all state regulators are invited to join.
NAR will continue to monitor and provide updates on new developments from the CFPB on these and other policies.
For more information on the CFPB Innovation Policies, and the first no-action letter to HUD, please visit:
Compliance Assistance Sandbox Policy