Marketplace lender seeking fair lending guidance receives CFPB’s first no-action letter
By David D. Christensen, Jennifer Janeira Nagle and Brandon R. Dillman
The U.S. Consumer Financial Protection Bureau (CFPB) recently issued its first no-action letter, pursuant to a policy designed to encourage innovation in the fintech marketplace by creating a testing ground for new technologies. If received, a no-action letter simply indicates that the CFPB “has no present intention to recommend initiation of an enforcement or supervisory action” against the applicant with respect to the specific product and regulatory concerns at issue.