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first_imgThe Consumer Financial Protection Bureau on Tuesday issued three new policies to promote innovation and compliance. The CFPB issued the No-Action Letter (NAL) Policy; Trial Disclosure Program (TDP) Policy; and the Compliance Assistance Sandbox (CAS) Policy. According to the CFPB, regulatory uncertainty can “hinder the development” of innovative products and services that benefit consumers. NALs provide increased regulatory certainty through a statement that the CFPB will not bring a supervisory or enforcement action against a company for providing a product or service under certain circumstances. “The new NAL Policy improves on the Bureau’s 2016 NAL Policy by having, among other things, a more streamlined review process focusing on the consumer benefits and risks of the product or service in question.” the CFPB says.  The CFPB’s first NAL under the new policy is in response to a request by the Department of Housing and Urban Development (HUD) on behalf of more than 1,600 housing counseling agencies (HCA) that partake in HUD’s housing counseling program. HUD discussed concerns in 2018 to the CFPB about the HCAs and lenders not entering into agreements that would fund counseling services due to uncertainty of the Real Estate Settlement Procedures Act (RESPA). A group of HUD Intermediaries filed a comment letter in February 2019 on the insufficiency of the CFPB’s prior NAL policy and supporting the new on. “The no-action letter essentially states that the Bureau will not take supervisory or enforcement action under RESPA against HUD-certified HCAs that have entered into certain fee-for-service arrangements with lenders for pre-purchase housing counseling services,” the release states. “The NAL, which is an exercise of the Bureau’s supervisory and enforcement discretion, is intended to facilitate HCAs entering into such agreements with lenders and will enhance the ability of housing counseling agencies to obtain funding from additional sources.”The new TDP policy allows entities looking to improve consumer disclosures to conduct in-market testing of alternative disclosures upon permission by the CFPB. CFPB’s new CAS Policy allows the testing of a financial product of service where there is regulatory uncertainty. September 11, 2019 1,153 Views Promotion of Innovation, Compliance Addressed in New CFPB Policies Home / Daily Dose / Promotion of Innovation, Compliance Addressed in New CFPB Policies Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CFPB HUD Policy 2019-09-11 Mike Albanese Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese Tagged with: CFPB HUD Policy Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Subscribe Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Financial Services Bills Address Rural Housing and Appraisals Next: Ginnie Mae, NewDay USA Reach Agreement on VA Loans Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Postlast_img read more