CFPB: When “No” Means “Yes” (Maybe)

CFPB proposes a policy that permits it to issue "no action" letters to financial institutions who may seek to float the idea for a new and innovative product that would benefit consumers, but where regulatory uncertainty is otherwise hindering the development of the product. Under the proposal, the agency could issue a letter indicating that it had "no present intention to recommend initiation of an enforcement or supervisory action." [10/17/14]