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CFPB pitches choose-your-own disclosure

Joe Mont | October 15, 2018

An increasingly common strategy for safely testing innovative technology is to put it through its paces in an isolated “sandbox” testing environment. Now, the Consumer Financial Protection Bureau is looking to establish a similar process for financial disclosure requirements.

Last month, the Bureau outlined its proposed creation of a “disclosure sandbox” and initiated a public comment process.

The idea, although controversial, is not an entirely new one. The Dodd-Frank Act authorized the CFPB to create legal protections for companies seeking to conduct trial disclosure programs, limited in time and scope, and designed to improve upon existing disclosures. That led to the Bureau’s 2013 initiative, Project Catalyst, a trial disclosure program effort that was abandoned without granting a single application. 

The Bureau is now proposing to resurrect that failed initiative “in order to more effectively encourage companies to conduct trial disclosure programs.” ...

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