The CFPB issued a "compliance assistance sandbox" approval to Synchrony Bank for its "dual-feature credit card program." The approval provides the bank a safe harbor from potential liability under the Truth in Lending Act.
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The CFPB Taskforce on Federal Consumer Financial Law offered recommendations on enhancing consumer protection in the financial marketplace.
The CFPB issued a no-action letter to Upstart Network, Inc., stating the agency would not take supervisory or enforcement action against the online lending platform in connection with an artificial intelligence-driven underwriting model.
The CFPB issued a no-action letter to Bank of America stating that the agency would not take enforcement action against the bank in connection with a small-dollar lending program.
An OCC, Federal Reserve Board, FDIC, National Credit Union Administration and CFPB rule proposal that would codify the 2018 Interagency Statement Clarifying the Role of Supervisory Guidance was published in the Federal Register.