Legal Blog

Compensation and Compliance Matters: No-Action Letters

The Consumer Financial Protection Bureau finally released in February its long-awaited policy pertaining to no-action letters for financial products and services. Obtaining such a letter is important to any lender or institution concerned that its use of innovative developments could trip over current regulations. No-action letters provide the recipient with a statement that the bureau will not take action against a party for utilizing a particular process or technology. However, no-action letters do not bind other agencies, and the CFPB reserves the right to rescind them at any time. Click here to read the entire article on National Mortgage News.  | 240.507.1740 Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others. You can connect with Offit Kurman via ourBlogFacebookTwitterGoogle+YouTube, and LinkedIn pages.  You can also sign up to receivedLaw Matters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.