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State AGs Criticize CFPB's Sandbox Proposals

Wednesday, February 20, 2019   (0 Comments)
Posted by: Brittany Sawyer
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State AGs Criticize CFPB's Sandbox Proposals

 

A coalition of 22 Democratic state Attorneys General responded to the Consumer Financial Protection Bureau's (CFPB) proposed policy on No-Action Letters (NAL) and a new federal product sandbox. The Attorneys General argued that the Bureau “has no authority to issue such sweeping immunity absent formal rulemaking” and urged the Bureau to rescind the proposals. The AGs viewed the proposed sandbox policy as “even more troubling” than the NAL proposal, as it provides immunity from “enforcement actions by any Federal or State authorities, as well as from lawsuits brought by private parties.” The AGs rejected the Bureau’s contention that the statutory safe harbors in TILA, ECOA, and the EFTA grant the authority to provide the broad enforcement relief.

CLICK HERE to read the letter.


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