The Consumer Financial Protection Bureau plans to restart its innovation programs allowing fintechs and banks to test out new products without fear of enforcement action, just days before the Trump administration takes over.
Companies will be allowed to submit applications to have new financial products covered by safe harbor protections in a compliance assistance sandbox or under a no-action letter policy, according to filings posted in the Federal Register.
Participating in the programs—initially rolled out during President-elect Donald Trump’s first term—could help startups attract investors or partners and give established financial industry players more leeway to experiment with artificial intelligence ...
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