IPA Legal Viewpoint Call: The CFPB’s New Innovation Policies

In September, the CFPB announced three new policies that aim to promote innovation and facilitate compliance: the No-Action Letter (NAL) Policy, Trial Disclosure Program (TDP) Policy, and Compliance Assistance Sandbox (CAS) Policy. The Bureau hopes these policies will enable industry to bring new products and services to market that expand financial options, especially to unbanked and underbanked households. On this call, two attorneys from IPA member law firm Pillsbury – Craig Saperstein, Partner, and Cassie Lentchner, Senior Counsel (who served up until earlier this year as Deputy Superintendent and chief compliance officer of the NY Department of Financial Services) – will discuss what each of these policies entail, use cases, application requirements, and more.