Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Tuesday, December 16, 2014

ABA Highlights Flaws in CFPB ‘No-Action’ Letter Proposal

The CFPB’s proposal to issue “no-action letters” in response to requests for feedback on product innovation does too little to reduce regulatory uncertainty, according to a comment letter yesterday from ABA, its American Bankers Insurance Association subsidiary and the Consumer Bankers Association.

“By its terms the Bureau’s proposed approach is limited in its applicability and yet fraught with perils for the requester,” the groups explained. “It is hard to imagine how it would serve as a viable approach to alleviating regulatory uncertainty, either for the requester or anyone else.”

The associations added that the limited scope, likelihood of failure, lack of confidentiality and lack of usefulness for compliance would provide “virtually no incentive for innovators to undertake the request process.”

Read the letter.

No comments:

Post a Comment

Please read our comment policy before making a comment.