10 Jan 2025
💼CFPB No-Action Letters Policy
Policy Statement on No-Action Letters
Summary
The Consumer Financial Protection Bureau (CFPB) is issuing this policy statement on No-Action Letters (Policy), which is intended to further objectives under section 1021 of the Consumer Financial Protection Act.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The CFPB’s new policy on No-Action Letters establishes conditions aimed at promoting innovation, competition, and ethical transparency in consumer financial products. This has regulatory implications for businesses seeking new financial solutions, as it requires demonstration of unmet consumer needs and equitable competitive engagement. The denial of first-mover advantages directly influences strategic planning for market entrants.