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Bureau issues NAL templates
On Friday, the CFPB announced that it issued two No-Action Letter (NAL) Templates under its innovation policies.
Using the first of those templates, which was requested by Brace Software, Inc., mortgage servicers seeking to assist struggling borrowers to avoid foreclosure and engage in loss mitigation efforts would be able to apply for their own NAL.
The second template, requested by the Bank Policy Institute (BPI), can be used by insured depository institutions to apply for a NAL covering their small-dollar credit products. The template includes important protections for consumers who seek small-dollar loan products.