Rep. Hill Supports CFPB Action to Promote FinTech Innovation
WASHINGTON, D.C. — Today, Congressman French Hill (AR-02), Ranking Member of the House Financial Services Financial Technology (FinTech) Task force, released the following statement in support of three new policies issued by the Consumer Financial Protection Bureau (CFPB) aimed at promoting FinTech Innovation:
“If America wants to remain competitive in today's fast-paced, 21st century economy, we must ensure our regulations are helping, not hurting, entrepreneurs. Too often, forward-thinking startup companies are overburdened with outdated regulations and compliance restrictions that stifle growth. I applaud the new policies issued by CFPB that will introduce more flexibility for innovative companies to experiment with new technologies. I've long advocated for a 'regulatory sandbox' approach which will help pave the way for a stronger, smarter economy that ultimately benefits American consumers.”
The three new policies introduced today by the CFPB include the No-Action Letter (NAL) Policy, Trial Disclosure Program (TDP) Policy, and Compliance Assistance Sandbox (CAS) Policy.
The NAL policy can be found here: https://files.consumerfinance.gov/f/documents/cfpb_final-policy-on-no-action-letters.pdf.
The CAS policy can be found here: https://files.consumerfinance.gov/f/documents/cfpb_final-policy-on-cas.pdf.
The TDP policy can be found here: https://files.consumerfinance.gov/f/documents/cfpb_final-policy-to-encourage-tdp.pdf.