Agency Information Collection Activities – Trial Disclosures
1032(e) of the Dodd-Frank Act, 12 U.S.C 5532(e) gave the CFPB legal authority to provide certain legal protections to companies to conduct trial disclosure programs. The protections include a safe harbor granting a limited period during which a covered person conducting a trial disclosure program shall be deemed to be in compliance with, or may be exempted from, a requirement of a rule or an enumerated consumer law. This authority can be used to help further the bureau’s statutory objective stated in subsection 1021(b)(5) of the act, to “facilitate access and innovation” in the “markets for consumer financial products and services.”
The CFPB’s request for comment can be found here.