CFPB Seeks Comment on Policy to Encourage Trial Consumer Disclosure Programs

This client alert discusses the Bureau of Consumer Financial Protection (CFPB) recently proposed Policy to encourage trial consumer disclosure programs. The proposed trial disclosure program and related information collection policy (Policy) would enable financial institutions and other financials services firms to seek the CFPBs approval to operate a specific trial consumer disclosure program while being deemed to be in compliance with federal consumer protection disclosure requirements during the approved trial period. The Policy is designed to find ways to make consumer disclosures less costly to financial services providers, while being more effective and accessible for consumers.