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CFPB Issues Innovative No-Action Letter Template to Reduce Regulatory Uncertainty for Banks Offering Small-Dollar Credit Products

Alert May 22, 2020

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  • CFPB Issues Innovative No-Action Letter Template to Reduce Regulatory Uncertainty for Banks Offering Small-Dollar Credit Products

CFPB Issues Innovative No-Action Letter Template to Reduce Regulatory Uncertainty for Banks Offering Small-Dollar Credit Products

May 22, 2020, Covington Alert

Today, May 22, the Consumer Financial Protection Bureau (“CFPB”) issued an important no-action letter template in response to an application by the Bank Policy Institute (“BPI”), which could serve as the basis for no-action letter applications by BPI members and other deposit-taking institutions that wish to offer a standardized, small-dollar credit product as described in the application.

 

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