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US Corporate Law News: CFPB invites comments for 'Disclosure Sandbox' policy

23 September 2018 | Applicable law: US

The Consumer Financial Protection Bureau has invited the public to comment on its proposal to create a "Disclosure Sandbox" through its revised Policy to Encourage Trial Disclosure Programs. 

The proposed revisions have the following goals: (1) reducing the application burden and review time frame; (2) increasing guidance regarding the testing time frame; (3) specifying procedures for extensions of successful trial disclosure programs; and (4) providing for coordination with existing or future programs offered by other regulators designed to facilitate innovation. The concept of a regulatory "sandbox" is relatively new and does not have a precise, generally accepted definition. The term is used in the CFPB policy to refer to a regulatory structure where a participant obtains limited or temporary access to a market in exchange for reduced regulatory barriers to entry or reduced regulatory uncertainty.

For more information see here.

This article was written with contributions from Tim Piscatelli.

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.

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