[Federal Register Volume 79, Number 200 (Thursday, October 16, 2014)]
[Notices]
[Pages 62118-62122]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-24645]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2014-0025]


Policy On No-Action Letters

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice of proposed policy and proposed information collection; 
request for comment.

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SUMMARY: The Consumer Financial Protection Bureau (Bureau) invites the 
public to take this opportunity to comment on its proposed Policy on 
No-Action Letters (Policy), which is intended to further its objectives 
under section 1021 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010 (Dodd-Frank Act), and also a proposed 
information collection associated with applications submitted by 
applicants requesting no-action letters under the proposed Policy as 
required by the Paperwork Reduction Act of 1995.

DATES: Written comments are encouraged and must be received on or 
before December 15, 2014 to be assured of consideration.

ADDRESSES: You may submit comments, identified by the proposal's title, 
``Policy on No-Action Letters,'' and docket number (see above), by any 
of the following methods:
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail: Consumer Financial Protection Bureau, Office of the 
Executive Secretary, 1700 G Street NW., Washington, DC 20552.
     Hand Delivery/Courier: Consumer Financial Protection 
Bureau, Office of the Executive Secretary, 1275 First Street NE., 
Washington, DC 20002.
    Please note that comments submitted by fax or email and those 
submitted after the comment period will not be accepted. Comments will 
be available for public inspection and copying at 1275 First Street 
NE., Washington, DC 20002 between the hours of 10:00 a.m. and 5 p.m. 
eastern standard time. In general, all comments received will be posted 
without change to regulations.gov, including any personal information 
provided. Sensitive personal information, such as account

[[Page 62119]]

numbers or social security numbers, should not be included.

FOR FURTHER INFORMATION CONTACT: For additional information about the 
proposed Policy please contact Dan Quan, Senior Advisor to the 
Director, Consumer Financial Protection Bureau, (202) 435-7678. 
Documentation prepared in support of the information collection request 
is available at www.regulations.gov.
    Requests for additional information on the proposed information 
collection should be directed to the Consumer Financial Protection 
Bureau, Attention: PRA Office, 1700 G Street NW., Washington, DC 20552, 
(202) 435-9575, or email: [email protected]. Please do not submit comments 
to this mailbox.

SUPPLEMENTARY INFORMATION: 

I. Policy on No-Action Letters

    Abstract. In specifying the purposes, objectives, and functions of 
the Bureau in section 1021 of the Dodd-Frank Act, Congress authorized 
the Bureau to exercise its authorities for the purpose of ensuring that 
markets for consumer financial products and services operate 
transparently and efficiently to facilitate access and innovation.\1\ 
In line with the Bureau's authority, it is proposing the Policy that is 
laid out in in the next section below. Under the proposed Policy, 
Bureau staff would, in its discretion, issue no-action letters (NALs) 
to specific applicants in instances involving innovative financial 
products or services that promise substantial consumer benefit where 
there is substantial uncertainty whether or how specific provisions of 
statutes or regulations implemented by the Bureau would be applied (for 
example if, because of intervening technological developments, the 
application of statutes and regulations to a new project is novel and 
complicated). The Policy is also designed to enhance compliance with 
applicable federal consumer financial laws. A NAL would advise the 
recipient that, subject to its stated limitations, the staff has no 
present intention to recommend initiation of an enforcement or 
supervisory action against the requester with respect to a specified 
matter. NALs would be subject to modification or revocation at any time 
in the sole discretion of the staff, and may be conditioned on 
particular undertakings by the applicant with respect to product or 
service usage and data-sharing with the Bureau. Issued NALs would be 
publicly disclosed. NALs would be non-binding on the Bureau, and would 
not bind courts or other actors who might challenge a NAL-recipient's 
product or service, such as other regulators or parties in litigation. 
The Bureau believes that there may be significant opportunities to 
facilitate innovation and access, and otherwise substantially enhance 
consumer benefits, through the proposed Policy.
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    \1\ Section 1022(b)(1) of the Dodd-Frank Act authorizes the 
Director to prescribe rules and issue orders and guidance, as may be 
necessary or appropriate to enable the Bureau to administer and 
carry out the purposes and objectives of the Federal consumer 
financial laws, and to prevent evasions thereof.
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II. Paperwork Reduction Act

    Under the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501 et 
seq.), Federal agencies are generally required to seek approval from 
the Office of Management and Budget (OMB) for information collection 
requirements prior to implementation. Further, the Bureau may not 
conduct or sponsor a collection of information unless OMB approves the 
collection under the PRA and it displays a currently valid OMB control 
number. Notwithstanding any other provision of law, no person is 
required to comply with, or is subject to penalty for failure to comply 
with, a collection of information if the collection instrument does not 
display a currently valid OMB control number. The final policy will 
display the control number assigned by OMB.
    As part of its continuing effort to reduce paperwork and respondent 
burden, the Bureau conducts a preclearance consultation program to 
provide the general public and Federal agencies with an opportunity to 
comment on the new information collection requirements in accordance 
with the PRA (See 44 U.S.C. 3506(c)(2)(A)). This helps ensure that: The 
public understands the Bureau's requirements or instructions, 
respondents can provide the requested data in the desired format, 
reporting burden (time and financial resources) is minimized, 
collection instruments are clearly understood, and the Bureau can 
properly assess the impact of collection requirements on respondents.
    The proposed Policy contains a new information collection 
requirement, consisting of the information that should be submitted to 
demonstrate eligibility for a NAL as described further below. This has 
been deemed to be a collection of information for purposes of the PRA. 
Documentation prepared in support of this information collection 
request is available at www.regulations.gov. Requests for additional 
information and comments regarding this proposed collection of 
information should be submitted as described in the ADDRESSES section 
of this Notice.
    Title of Collection: Policy on No-Action Letters.
    OMB Control Number: 3170-XXXX.
    Type of Review: New Collection (Request for a new OMB control 
number).
    Affected Public: Private Sector (Certain businesses offering 
consumer financial products or services that meet the definition of 
``covered person'' under section 1002(6) of the Dodd-Frank Act).
    Estimated Number of Respondents: 1-3.
    Estimated Total Annual Burden Hours: 50-300.

III. Request for Comments

    Comments are invited with respect to any aspect of the proposed 
Policy and/or the related information collection effected by the 
application process for no-action letters. Comments related to the 
proposed information collection will be summarized and/or included in 
the Bureau's request for OMB approval. With respect to the collection, 
comments are invited on: (a) Whether the collection of information is 
necessary for the proper performance of the functions of the Bureau, 
including whether the information will have practical utility; (b) The 
accuracy of the Bureau's estimate of the burden of the collection of 
information, including the validity of the methods and the assumptions 
used; (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) Ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology. Comments submitted in response to this notice will be 
summarized and/or included in the request for Office of Management and 
Budget (OMB) approval. All comments will become a matter of public 
record.

IV. Procedural Requirements

    The Bureau concludes that the proposed Policy constitutes an agency 
general statement of policy and/or a rule of agency organization, 
procedure, or practice exempt pursuant to 5 U.S.C. 553(b). 
Notwithstanding this conclusion, the Bureau invites public comment on 
the proposed Policy. Because no notice of proposed rulemaking is 
required, the provisions of the Regulatory Flexibility Act (5 U.S.C. 
Chapter 6) do not apply.

[[Page 62120]]

Policy On No-Action Letters

    Under Title X of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Dodd-Frank Act), the Bureau's objectives include 
``facilitating [consumer] access'' to and ``innovation'' in markets for 
consumer financial products.\2\ The Bureau recognizes that, in certain 
circumstances, some may perceive that the current regulatory framework 
may hinder the development of innovative financial products that 
promise substantial consumer benefit because, for example, existing 
laws and rules did not contemplate such products. In such 
circumstances, it may be substantially uncertain whether or how 
specific provisions of certain statutes and regulations should be 
applied to such a product--and thus whether the federal agency tasked 
with administering those portions of a statute or regulation may bring 
an enforcement or supervisory action against the developer of the 
product for failure to comply with those laws. Such regulatory 
uncertainty may discourage innovators from entering a market, or make 
it difficult for them to develop suitable products or attract 
sufficient investment or other support.
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    \2\ 12 U.S.C. 5511(b)(5). As used in this Proposed Policy, the 
term ``product(s)'' means ``product(s) and services'' or ``products 
or service(s),'' as appropriate.
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    Federal agencies can reduce such regulatory uncertainty in a 
variety of ways. For example, an agency may clarify the application of 
its statutes and regulations to the type of product in question--by 
rulemaking or by the issuance of less formal guidance. Alternatively, 
an agency may provide some form of notification that it does not intend 
to recommend initiation of an enforcement or supervisory action against 
an entity based on the application of specific identified provisions of 
statutes or regulations to its offering of a particular product. This 
proposal is concerned with the latter means of reducing regulatory 
uncertainty in limited circumstances.
    Pursuant to its authorities under the Dodd-Frank Act, the Bureau is 
today releasing its Proposed Policy on No-Action Letters (Proposed 
Policy). Under the Proposed Policy, in the circumstances described 
above an entity may submit a request for a No-Action Letter from Bureau 
staff (staff). A No-Action Letter would be a statement that the staff 
has no present intention to recommend initiation of an enforcement or 
supervisory action against the requester with respect to particular 
aspects of its product, under specific identified provisions of 
statutes or regulations. Such a letter may be limited as to time, 
volume of transactions, or otherwise, and may be subject to potential 
renewal. Whether and how to provide a No-Action Letter or otherwise 
respond to such requests, including any limitations or conditions on 
acceptance, will be within the sole discretion of the staff.
    The Proposed Policy is intended to facilitate consumer access to 
innovative financial products that promise substantial benefit to 
consumers, taking into account other marketplace offerings, and also to 
enhance compliance with applicable federal consumer financial laws.\3\ 
By furnishing a dedicated mechanism through which substantial 
regulatory uncertainty can be reduced, the Proposed Policy is also 
intended to discourage the offering of innovative consumer-harmful 
financial products in such circumstances. In addition, because No-
Action Letters often will be conditioned on specified consumer 
protection conditions designed to satisfy--or even exceed--applicable 
disclosure requirements and substantive protections, the Bureau expects 
the Proposed Policy, if adopted, to benefit consumers in further ways. 
The Bureau also expects the Proposed Policy to help further its 
consumer protection functions and objectives, including market 
monitoring and rulemaking, when a No-Action Letter is conditioned on a 
commitment by the requester to share data about the product with the 
Bureau, or to engage in other consultation that may help inform Bureau 
decisions regarding whether to take further action in connection with 
the financial product in question.
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    \3\ The Proposed Policy and any No-Action Letter is not intended 
to, nor should it be construed to: (1) Restrict or limit in any way 
the Bureau's discretion in exercising its authorities, including the 
provision of no-action or similar relief other than pursuant to the 
Proposed Policy; (2) constitute an interpretation of law; or (3) 
create or confer upon any covered person (including one who is the 
subject of the Bureau supervisory, investigation, or enforcement 
activity) or consumer, any substantive or procedural rights or 
defenses that are enforceable in any manner.
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    The Proposed Policy has five sections:
     Section A describes information that should be included in 
requests for a No-Action Letter.
     Section B describes types of responses the staff may 
provide to requests for a No-Action Letter.
     Section C lists factors the staff may consider in deciding 
whether to provide a No-Action Letter.
     Section D describes the general content and limitations of 
No-Action Letters.
     Section E describes disclosure of data received from 
entities whose requests for No-Action Letters are granted.

A. Submitting Requests for No-Action Letters

    Requests for a No-Action Letter should be submitted in writing via 
email to [email protected].\4\ Submitted requests may be 
withdrawn by the requester at any time.
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    \4\ The email subject line should begin ``Request for No-Action 
Letter.'' The Proposed Policy is one component of the Bureau's 
Project Catalyst initiative, which invites organizations to bring 
innovation-related concerns to the Bureau's attention at 
[email protected]. Innovators are advised to use the same 
Project Catalyst point of contact to initiate a preliminary 
discussion of a potential No-Action Letter. There are no formal 
submission requirements to request such a preliminary discussion.
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    Requests should include the following:
    1. The name(s) of the entity or entities and individual(s) 
requesting the No-Action Letter. The staff will not accept requests for 
No-Action Letters that fail to identify the entity or entities and 
individuals providing the product.
    2. A description of the consumer financial product involved, 
including:
    a. How the product functions, and the terms on which the product 
will be offered;
    b. The roles and relationships of all parties to transactions 
involving the product; and
    c. The manner in which it is offered to and used by consumers, 
including any consumer disclosures.
    3. The timetable on which the product is expected to be offered. 
No-Action Letters are not intended for either well-established products 
or purely hypothetical products that are not close to being able to be 
offered.
    4. An explanation of how the product is likely to provide 
substantial benefit to consumers differently from the present 
marketplace, and suggested metrics for evaluating whether such benefits 
are realized.
    5. A candid explanation of potential consumer risks posed by the 
product--particularly as compared to other products available in the 
marketplace--and undertakings by the requester to address and minimize 
such risks.
    6. A showing of why the requested No-Action Letter is necessary and 
appropriate to remove substantial regulatory uncertainty hindering the 
development of the product, including:
    a. Identification of each of the specific provisions of the 
statutes and regulations regarding which a No-Action Letter is being 
requested, and a showing how each of these specific provisions of the 
statute(s) and regulation(s) should be applied to the

[[Page 62121]]

product is substantially uncertain, including analysis of the relevant 
legal authorities and policy considerations.
    b. A showing of why the product's aspects in question should not be 
treated as subject to or precluded by the specific identified 
statute(s) and regulation(s), and/or how the proposed compliance of the 
product's aspects in question with the specific identified statute(s) 
and regulation(s) is appropriate.
    c. A showing of the product's compliance with other relevant 
federal and state regulatory requirements.
    d. A showing of why the substantial regulatory uncertainty that is 
the subject of the request cannot be effectively addressed through 
means other than the requested No-Action Letter, such as modification 
of the product.
    7. An affirmation that the facts and representations in the request 
are true and accurate.
    8. An undertaking by the requester to provide information requested 
by the staff in its evaluation of the request.
    9. A description of data that the requester possesses, and data it 
intends to develop, pertaining to the factual bases cited in support of 
the request and an undertaking, if the request is granted, to share 
appropriate data regarding the product with the Bureau, including data 
regarding the impact of the product on consumers. This description 
should also address the requester's intentions regarding consultation 
with the Bureau in its plans for development of additional data.
    10. Undertakings that, if the request is granted, the requester 
will not represent that the Bureau or its staff has: (i) Licensed, 
authorized or endorsed the product, or its permissibility or 
appropriateness, in any way; (ii) determined, or provided an 
interpretation, that the product is or is not in compliance with legal 
or other requirements, or has been granted an exception, waiver, safe 
harbor, or comparable treatment; or (iii) granted No-Action Letter 
treatment with respect to any aspect of the requester's offerings or 
any provision of law other than those expressly addressed in the No-
Action Letter.
    11. An affirmation that, to the requester's knowledge (except as 
specifically disclosed in the request), neither the requester nor any 
other party with substantial ties to transactions involving the product 
is the subject of an ongoing, imminent, or threatened governmental 
investigation, supervisory review, enforcement action, or private civil 
action respecting the product, or any related or similar product; and 
an undertaking promptly to notify the Bureau (unless the request for a 
No-Action Letter has been denied) of any such governmental 
investigation, supervisory review, enforcement action, or private civil 
action that is initiated or threatened.
    12. An affirmation that (except as specifically disclosed in the 
request) the principals of the requester have not been subject to 
license discipline, adverse supervisory action, or enforcement action 
with respect to any financial product, license, or transaction within 
the past ten years.
    13. A statement specifying whether the request is limited to a 
particular time period, to a particular volume of transactions, or to 
other limitations.
    14. A description of any particular consumer safeguards the 
requester will employ, although they may not be required by law, if a 
No-Action Letter is issued, including any mitigation of potential for 
or consequences of consumer injury. The description should specify the 
requester's basis for asserting and considering that such safeguards 
are effective. The description should also address any future study the 
requester will undertake to further evaluate the effectiveness of such 
safeguards.
    15. If a request for confidential treatment is made, this request 
and the basis therefor should be included in a separate letter and 
submitted with the request for a No-Action Letter.

B. Staff Response to Requests for No-Action Letters

    The decision whether to respond to a request for a No-Action 
Letter, and the nature of any response, is within the staff's sole 
discretion. Depending on the circumstances, the staff may: (i) Grant 
the request (which grant may be partial, or may be subject to 
limitations or conditions); (ii) deny the request; (iii) specifically 
decline to either grant or deny the request, with an explanation; or 
(iv) specifically decline to either grant or deny the request, without 
explanation. The staff may communicate with the requester before making 
any decision regarding whether and how to respond to the request to 
seek clarification or for other purposes. The staff may permit requests 
to be modified in the course of such communications. No-Action Letters 
are subject to immediate modification and/or revocation upon notice.
    Type (i) responses, and a version or summary of the request, will 
be published on the Bureau's Web site.\5\ Type (ii) responses will be 
provided to the requester but generally will not be published on the 
Bureau's Web site.\6\ Type (iii) and (iv) responses may be published on 
the Bureau's Web site, particularly if the staff believes that the 
information will be in the public interest.
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    \5\ Type (i) responses are further discussed in Section D below.
    \6\ The Bureau may publish a denial on its Web site if it 
believes that doing so is in the public interest.
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    Non-exclusive examples of circumstances under which the staff 
presumptively will not answer the request or will likely provide, at 
most, a response of type (iii) or (iv) include:
    1. The requester or its principals are the subject of ongoing 
governmental law enforcement investigation, supervisory review, or 
enforcement action respecting the product or a related or similar 
product.\7\
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    \7\ If the staff decides to provide a Type (iii) response to the 
entity in such circumstances, the response will not be published on 
the Bureau's Web site.
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    2. The request concerns an area in which the Bureau is engaged in 
ongoing or anticipated rulemaking, supervisory, enforcement, or other 
initiatives.
    3. The request concerns a legal or product environment which the 
staff considers to be inappropriate for no-action treatment. At the 
present time, for example, the staff does not anticipate no-action 
treatment of UDAAP matters.
    4. The staff has determined that the request does not warrant 
investment of the Bureau resources that are likely necessary to address 
the request adequately.
    No-Action Letters will not be routinely available. The Bureau 
anticipates that No-Action Letters will be provided only rarely and on 
the basis of exceptional circumstances and a thorough and persuasive 
demonstration of the appropriateness of such treatment. Requesters do 
not have a legal entitlement to no-action treatment of regulatory 
uncertainties, and Bureau resources available for consideration of No-
Action Letter requests are limited in light of other Bureau priorities. 
Requesters may wish to include in their submissions any particular 
reasons why their request should be considered by the Bureau to be a 
matter of special importance.

C. Staff Assessment of Requests for No-Action Letters

    In deciding whether to provide a No-Action Letter,\8\ the staff 
will consider a variety of factors, including:
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    \8\ The decision whether to provide a No-Action Letter, and the 
terms on which it may be provided, are within the staff's sole 
discretion.
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    1. The extent to which the requester's product structure, terms and 
conditions, and disclosures to and agreements with

[[Page 62122]]

consumers enable consumers to meaningfully understand and appreciate 
the terms, characteristics, costs, benefits, and risks associated with 
the product, and to act effectively to protect themselves from 
unnecessary cost and risk.
    2. The extent to which evidence, including the requester's own 
testing, indicates that the product's aspects in question may provide 
substantial benefits to consumers.
    3. The extent to which the asserted benefits to consumers are 
available in the marketplace from other products.
    4. The extent to which the requester controls for and effectively 
addresses and mitigates risks to consumers.\9\
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    \9\ This factor includes the extent to which the requester has 
plans in place for addressing unanticipated consumer harms caused by 
the product and the extent to which the entity possesses the 
resources to compensate injured consumers.
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    5. The extent to which granting the request is necessary in order 
to reduce regulatory uncertainty for the requester with respect to the 
requester's product.
    6. The extent to which the regulatory uncertainty identified by the 
requester may be better addressed through other regulatory means, such 
as Bureau rulemaking, other Bureau guidance, or provision of a waiver 
under the Bureau's Policy to Encourage Trial Disclosure Programs.\10\
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    \10\ 78 FR 64389 (Oct. 29, 2013).
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    7. Whether the entity is demonstrably in compliance with other 
relevant federal and state regulatory requirements.
    8. The extent to which the request is sufficiently limited in time, 
volume of transactions, or otherwise, to allow the Bureau to learn 
about the product and the aspects in question while minimizing any 
consumer risk.
    9. The extent to which any data that the entity has provided and 
agrees to provide to the Bureau regarding the operation of the 
product's aspects in question will be expected to further consumer 
protection.
    10. The extent to which public disclosure of relevant data may be 
permitted.

D. Staff Provision of No-Action Letters

    When the staff decides to provide a No-Action Letter, it will 
publish the letter, along with the request, on its Web site. The No-
Action Letter will include the following:
    1. A statement that, subject to the conditions and limitations set 
forth, the staff has no present intention to recommend initiation of an 
enforcement or supervisory action against the requester in respect to 
the particular aspects of its product, and under specific identified 
provisions and applications of statutes or regulations that are the 
subject of the No-Action Letter. The statement that the staff has no 
present intention to recommend initiation of an enforcement or 
supervisory action does not mean that the Bureau will not conduct 
supervisory activities or engage in enforcement investigation to 
evaluate the requester's compliance with the terms of the No-Action 
Letter or to evaluate other matters.
    2. A statement that the no-action treatment is limited to the 
requester's offering of the product's aspects in question in the manner 
described, and that it does not pertain to (i) the requester for 
offering the product in a different manner; (ii) the requester for 
offering different products, or with respect to other provisions or 
applications of these or other statutes and regulations, or with 
respect to other aspects of the product; or (iii) any other person.
    3. A statement that the No-Action Letter is based on the facts and 
factual representations made in the request, and is contingent on the 
correctness of such facts and factual representations.
    4. A statement (a) disclaiming any intention by the Bureau or its 
staff to have reached a determination about, or to provide an 
interpretation of, or to grant any exception, waiver, safe harbor, or 
similar treatment respecting the statutes and rules identified in the 
request, or their application to the product's aspects in question, or 
otherwise to make an official expression of the Bureau's views, and 
that any explanatory discussion should not be interpreted as such an 
interpretation, waiver, safe harbor, or the like, that is binding on 
the Bureau, and (b) that the staff are not necessarily in agreement 
with any legal or policy analysis, any interpretation of data, or any 
other matter, set forth in the request.
    5. A description of any conditions or limitation attending the 
staff's recommendation, such as the requester's commitment to provide 
additional safeguards to consumers, or to share certain types of data 
with the Bureau, as well as any limitations as to time period or 
quantity of transactions.
    6. A statement that the No-Action Letter is subject to modification 
or revocation at any time at the discretion of the staff for any 
reason, including that: the facts and representations in the request 
appear to be materially inaccurate or uncertain; the requester fails to 
satisfy conditions or violates limitations specified in the No-Action 
Letter; the product or any of its material features, terms, or 
conditions, is altered; or the staff determines that such modification 
or revocation is appropriate to protect consumers or is otherwise in 
the public interest. Revocation or modification may be immediate upon 
notice. To the extent that the facts and representations in the request 
are materially inaccurate, or the requester fails to satisfy conditions 
or violates limitations specified in the No-Action letter, and in other 
similar circumstances, the No-Action Letter is by its own terms 
inapplicable (even without modification or revocation) and the staff 
may recommend initiating a retrospective enforcement or supervisory 
action if appropriate.
    7. A statement that the No-Action Letter is not issued by or on 
behalf of any other government agency or any other person and, so far 
as the Bureau is concerned, no other government agency or person, and 
no court, has any obligation to honor or defer to it in any way.
    8. A statement of any expiration date, or volume limitation, 
applicable to the No-Action letter (and whether or not it may be sought 
to be renewed).
    9. A statement that the No-Action letter becomes inapplicable upon 
failure to adhere to the affirmations or undertakings made in the 
request or stated as conditions of the issuance of the letter.

E. Bureau Disclosure of Entity Data

    The Bureau's disclosure of the request and any data received from 
the requester in connection with a request for a No-Action Letter is 
governed by the Bureau's rule regarding Disclosure of Records and 
Information.\11\ For example, the rule generally requires the Bureau to 
make available records requested by the public unless they are subject 
to a FOIA exemption or exclusion.\12\ To the extent the Bureau 
affirmatively wishes to disclose such data, the terms of such 
disclosure will be consistent with applicable law and the Bureau's own 
rules and may be specified in a separate agreement with the requester. 
Consistent with applicable law and its own rules, the Bureau will not 
seek to disclose data that would conflict with consumers' privacy 
interests.
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    \11\ See 12 CFR part 1070.
    \12\ See 12 CFR 1070.14.

    Dated: October 9, 2014.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2014-24645 Filed 10-15-14; 8:45 am]
BILLING CODE 4810-AM-P