CFPB Clarifies Proposal to Encourage Tailored Disclosure Programs

The Consumer Financial Protection Bureau ("CFPB") clarified its proposal to create a "Disclosure Sandbox." The proposal is intended to encourage companies to create tailored consumer disclosures that may be more effective than those required by law. The CFPB clarified that the proposed Disclosure Sandbox would be open to "any covered entity" and not only to "fintech companies."

As previously covered, the CFPB proposed amendments to the 2012 "Encourage Trial Disclosure Programs" policy. The comment period for the proposal has passed.