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Federal Register: CFPB Proposes to Streamline Policy on No-Action Relief

The Consumer Financial Protection Bureau ("CFPB") proposal to (i) streamline the no-action letter process and (ii) create a CFPB Product Sandbox was published in the Federal Register. Comments must be received before February 11, 2019.

As previously covered, the goals of the proposal are as follows: to (i) streamline the application process for the filing and review of applications for no-action letters; (ii) expand the types of statutory and/or regulatory relief; (iii) "specify[] procedures for an extension where the relief initially provided is of limited duration"; and (iv) "provid[e] for coordination with existing or future programs offered by other regulators designed to facilitate innovation."

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