10 Jan 2025
🏦CFPB Announces New Compliance Assistance Sandbox Policy for Businesses
Policy Statement on Compliance Assistance Sandbox Approvals
Summary
The Consumer Financial Protection Bureau (CFPB) is issuing this policy statement on Compliance Assistance Sandbox (Policy), which is intended to further objectives under Section 1021 of the Consumer Financial Protection Act.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
This policy statement outlines a new Compliance Assistance Sandbox program for approving innovative consumer financial products, emphasizing compliance with federal consumer financial laws. Businesses can apply for approvals to gain safe harbor protection, but must demonstrate unmet consumer needs and avoid anti-competitive behavior. The strict conditions can impact firms seeking regulatory clearances.