CFPB proposes test program for disclosures

12/14/2012 | AmericanBanker.com (free registration)

The Consumer Financial Protection Bureau wants to give lenders flexibility to test new consumer disclosures for products including mortgages and credit cards. Under its proposal, the CFPB would give lenders a waiver from existing laws to test new disclosures. "As part of our efforts to foster innovation in consumer financial markets, the proposed policy will allow companies to conduct real world trials of disclosure alternatives," CFPB Director Richard Cordray said.

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