Trial Disclosure Program Announced By CFPB Allows In-Market Testing

Readers of Venable's All About Advertising Law blog know that market testing can be one of the most efficient ways to gauge the viability of an advertising and marketing pitch.  Financial institutions can now take advantage of a program launched by the Consumer Financial Protection Bureau ("CFPB") that permits companies to market test pre-approved disclosures about consumer financial products.

Under the CFPB's Trial Disclosure Program and Information Collection Policy, companies can seek the CFPB's approval to use a specific disclosure while being deemed to be in compliance with applicable federal disclosure requirements – at least by the CFPB.  

The Program is notable because it allows companies to use "in-market" testing, something the Federal Trade Commission ("FTC") and other regulators do not presently have a mechanism to allow.  As a result, the ability to truly "test" a disclosure combined with the safe harbor that approved companies obtain, provide a