In the Headlines
January 9, 2025
CFPB Brings Back Sandbox But Keeps Competition Emphasis
Banking Dive
Financial Services attorney Eamonn Moran was cited in a Banking Dive article discussing the Consumer Financial Protection Bureau's (CFPB) recent updates to its sandbox and no-action letter procedures, a move designed to foster innovation and competition in the consumer financial services market. The updated policies aim to resolve past challenges by ensuring transparency and ethical practices, such as restrictions preventing former CFPB attorneys from submitting applications as outside counsel. Mr. Moran commented on the potential fleeting nature of these new procedures given the impending administrative change.
"While I don't think this particular iteration of the policy will have lasting power, I do expect that some other version of it will," said Mr. Moran. He anticipates a shift back to Trump-Era priorities with "greater emphasis on innovation and less emphasis on competition" in the near future.
READ: CFPB Brings Back Sandbox But Keeps Competition Emphasis
"While I don't think this particular iteration of the policy will have lasting power, I do expect that some other version of it will," said Mr. Moran. He anticipates a shift back to Trump-Era priorities with "greater emphasis on innovation and less emphasis on competition" in the near future.
READ: CFPB Brings Back Sandbox But Keeps Competition Emphasis