BCFP follows CUNA recommendation with ‘no-action’ letter proposal

The Bureau of Consumer Financial Protection (BCFP) will issue a proposal to revise its current “No-Action” letter policy following CUNA efforts to have the Bureau amend to provide clarity regarding enforcement and supervision expectations. The proposal will have a 60-day comment period after it is published in the Federal Register, which is expected soon.

A Bureau no-action letter signifies that Bureau staff has no present intent to recommend initiation of supervisory or enforcement action against a particular product or service from a particular entity.

Additional details can be found on CUNA’s Removing Barriers Blog.