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Bloomberg Law: 2019 Outlook: CFPB Innovation Policies May Face State ChallengesDecember 28, 2018
The Consumer Financial Protection Bureau (CFPB) aims to launch the first federal “regulatory sandbox” in 2019, as well as “no-action letter” policies. The goal of these initiatives is to encourage innovation by exempting companies from certain consumer finance laws.
The CFPB’s dedication to coordinating regulation is “unusually proactive” and part of the “boldest step yet” by a federal agency to attempt to set up a meaningful regulatory sandbox, said O’Melveny senior counsel Laurel Loomis Rimon.
Prior to joining O’Melveny, Rimon served for more than 15 years as an Assistant United States Attorney and DOJ Trial Attorney, with a particular focus on litigating complex criminal and civil money laundering and other financial crimes involving some of the largest domestic and international corporations and financial institutions.
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