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AFR and NCLC Statement: CFPB Sandbox Proposal Would Deny Consumers Key Information
October 11, 2018 – 6:01 am

The CFPB is exceeding its authority under the law that created the agency and would set a dangerous precedent with its “disclosure sandbox” policy, its label for granting companies exemptions from disclosure rules. The CFPB would allow firms to obfuscate or eliminate important information in the name of “financial innovation,” a label often applied to defend practices in mortgage lending that led to the 2008 crisis.