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Online lending summit speakers discuss SPNB charters, CFPB trial disclosure policy, alternative data

CFPB Monitor

earlier this week, the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose national bank (SPNB) charter was the focus of considerable discussion. The summit speakers included Grovetta Gardineer, the Senior Deputy Comptroller for Compliance and Community Affairs at the OCC.

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CFPB proposes revisions to trial disclosure policy

CFPB Monitor

The proposal follows Acting Director Mulvaney’s July 2019 appointment of Paul Watkins to serve as Director of the Bureau’s Office of Innovation. Currently, Arizona is the only state that has enacted a “sandbox.”). The proposal would list the features that the Bureau would want such agreements to contain.