Legislation360 (Could 22, 2020, 6:20 PM EDT) — The Shopper Monetary Safety Bureau on Friday unveiled a framework to assist banks get no-action reduction for small-dollar loans they’re contemplating providing, outlining sure “guardrails” that may should be included in such merchandise to satisfy with the company’s approval.
In response to a request from the Financial institution Coverage Institute, the CFPB launched an software template that banks with greater than $10 billion in property can use to hunt a no-action letter from the company that would offer some regulatory cowl for small-dollar mortgage merchandise they plan to roll out to their clients.
The template describes what info the CFPB would…
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