Stroock Special Bulletin
"What CFPB's First No-Action Letter Signals"
The Consumer Financial Protection Bureau (CFPB) yesterday issued its first ever No-Action Letter (NAL) through its Project Catalyst initiative, and the industry – particularly entities in the realm of emerging financial technologies (FinTech) – are looking to determine what it may herald for the future. As discussed in this bulletin, the NAL is less of a harbinger of the agency’s intent to provide regulatory relief to the FinTech sector, than a confirmation of its continuing exploration of alternative data as a mean to increase the availability of credit to underbanked populations, which could prove highly beneficial to the industry.
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