Oct. 16, 2018 — ICBA said it appreciates the Bureau of Consumer Financial Protection’s reexamination of its policy allowing banks to propose experimental disclosure statements. Authorized under the Dodd-Frank Act and established in 2013, the policy is designed to encourage the creation of disclosures that educate consumers better and more efficiently.
However, the bureau has not approved a single trial program in the five years since the policy was finalized, ICBA noted in a recent letter. ICBA said the bureau’s proposals to improve application response times, collaborate with other regulators, and allow multiple parties to participate in a single trial would improve the policy.
Among its additional recommendations, ICBA also called on the bureau to permit longer trial periods, allow companies to join previously approved trials, and provide community banks more explicit assurances against liability.