CFPB Seeks Comment On Policy To Encourage Trial Consumer Disclosure Programs

In an effort to encourage more innovation in consumer finance, the Bureau of Consumer Financial Protection ("CFPB") recently proposed its Policy to Encourage Trial Disclosure Programs ("Proposal").¹ The Proposal seeks comments from interested parties, including depository institutions, other financial services companies, and other federal agencies, on the CFPB's proposed trial disclosure program and information collection policy ("Policy"). Pursuant to the Policy, companies would be able to seek the CFPB's approval to operate a specific trial disclosure program while being deemed to be in compliance with federal consumer protection disclosure requirements during the approved trial period. Offered as part of the CFPB's Project Catalyst initiative, 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.