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CFPB moves forward with ‘disclosure sandbox’ for companies

Joe Mont | February 14, 2019

The Consumer Financial Protection Bureau’s Office of Innovation is gearing up for the next phase for its proposal to create a “disclosure sandbox” intended to encourage trial disclosure programs.

The initial plan was proposed late last year with an accompanying public comment period that closed Monday.

On Feb. 7, perhaps reacting to those comments, the CFPB corrected some initial confusion in suggestions that its disclosure sandbox would be open to just FinTech firms. In fact, it said in a statement, any entity overseen by the CFPB—regardless of its categorization as FinTech, bank, credit union, or otherwise—can apply to test a trial disclosure with the sandbox.

The existing policy regarding trial disclosure programs was established in 2013. It was abandoned without granting a single application. The revised, proposed policy is based, in part, on that previous effort, which sought to allow the...

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