Rule2022-20896
Statement on Competition and Innovation
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 27, 2022
Issuing agencies
Consumer Financial Protection Bureau
Abstract
The Paperwork Reduction Act (PRA) authorization regarding the revised Policy on No-Action Letters and the Policy on the Compliance Assistance Sandbox (Policies) expires, and accordingly those Policies are no longer effective, as of September 30, 2022.
Full Text
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<title>Federal Register, Volume 87 Issue 186 (Tuesday, September 27, 2022)</title>
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[Federal Register Volume 87, Number 186 (Tuesday, September 27, 2022)]
[Rules and Regulations]
[Page 58439]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-20896]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
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Federal Register / Vol. 87, No. 186 / Tuesday, September 27, 2022 /
Rules and Regulations
[[Page 58439]]
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Chapter X
Statement on Competition and Innovation
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Statement.
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SUMMARY: The Paperwork Reduction Act (PRA) authorization regarding the
revised Policy on No-Action Letters and the Policy on the Compliance
Assistance Sandbox (Policies) expires, and accordingly those Policies
are no longer effective, as of September 30, 2022.
DATES: This statement is applicable on September 30, 2022.
FOR FURTHER INFORMATION CONTACT: Colete Fontenot, Acting Docket
Manager, at (202) 435-7700. If you require this document in an
alternative electronic format, please contact
<a href="/cdn-cgi/l/email-protection#86c5c0d6c4d9c7e5e5e3f5f5efe4efeaeff2ffc6e5e0f6e4a8e1e9f0"><span class="__cf_email__" data-cfemail="692a2f392b36280a0a0c1a1a000b0005001d10290a0f190b470e061f">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Discussion
On September 10, 2019, the Consumer Financial Protection Bureau
(Bureau or CFPB) issued the ``Policy on No-Action Letters'' and the
``Policy on the Compliance Assistance Sandbox'' (Policies).\1\ The CFPB
issued the original version of its Policy on No-Action Letters in
February 2016.\2\ The Policy on No-Action Letters set forth how
companies should submit No-Action Letter applications and how the CFPB
would assess and issue No-Action Letters. Under the policy, the CFPB
would grant No-Action Letters to individual companies, advising
recipients that the agency would not make supervisory findings or bring
a supervisory or enforcement action against the company with respect to
certain matters.
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\1\ 84 FR 48229 (Sept. 13, 2019); 84 FR 48246 (Sept. 13, 2019).
\2\ 81 FR 8686 (Feb. 22, 2016).
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The Policy on the Compliance Assistance Sandbox set forth how the
CFPB would grant a company immunity from liability under one or more of
three safe harbor provisions and provide an approval concluding that
the offering or providing of certain aspects of an individual company's
product or service complies with the relevant Federal consumer
financial law.
Under the Paperwork Reduction Act of 1995 (PRA),\3\ Federal
agencies are required to assess the paperwork burdens of their
information collection activities. The PRA authorization concerning the
Policies expires September 30, 2022. The CFPB determined that the
Policies do not advance their stated objective of facilitating
consumer-beneficial innovation. The CFPB also determined that the
existing Policies failed to meet appropriate standards for transparency
and stakeholder participation. The CFPB is developing new approaches to
facilitate the development of new products and services.
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\3\ 44 U.S.C 3501 et seq.
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To preserve resources and reduce inefficiency and burden, the CFPB
is not requesting to renew the Policies' PRA authorizations, and the
Policies are rescinded, effective September 30, 2022. Consistent with
the PRA, as of September 30, 2022, the CFPB will no longer accept No-
Action Letter or Compliance Assistance Sandbox applications submitted
on a form using OMB Control No. 3170-0059.\4\ The CFPB will continue to
accept and process requests under the Trial Disclosure Policy.\5\
Entities that have made submissions under the No Action Letter or
Compliance Assistance Sandbox Policies will be notified if the CFPB
intends to take additional steps on such submissions.
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\4\ No-Action Letter Application, Consumer Financial Protection
Bureau, OMB No. 3170-0059, <a href="https://files.consumerfinance.gov/f/documents/cfpb_no-action-letter-application-form.pdf">https://files.consumerfinance.gov/f/documents/cfpb_no-action-letter-application-form.pdf</a>; Compliance
Assistance Sandbox Application, Consumer Financial Protection
Bureau, OMB No. 3170-0059, <a href="https://files.consumerfinance.gov/f/documents/cfpb_sandbox-application.pdf">https://files.consumerfinance.gov/f/documents/cfpb_sandbox-application.pdf</a>.
\5\ 84 FR 48260 (Sept. 13, 2019).
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II. Regulatory Matters
This statement rescinds certain general statements of policy and/or
rules of agency procedure or practice. Because no notice of proposed
rulemaking is required, the Regulatory Flexibility Act does not require
an initial or final regulatory flexibility analysis.\6\
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\6\ 5 U.S.C. 603(a), 604(a).
Rohit Chopra,
Director, Consumer Financial Protection Bureau.
[FR Doc. 2022-20896 Filed 9-26-22; 8:45 am]
BILLING CODE 4810-AM-P
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