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Highlight Updates Waiver authority for trial disclosure programs

The Dodd-Frank Act grants the CFPB authority to allow a covered person to conduct a trial program for the purpose of providing trial disclosures to consumers that are designed to improve upon any model form issued by the agency, so long as the program is limited in time and scope and is subject to specified standards and procedures.262 During the limited trial period, the covered person conducting the trial disclosure program is deemed to be in compliance with, or may be exempted from, a requirement of a rule or an enumerated consumer law.263 In 2013, the CFPB exercised its authority and announced its “Policy to Encourage Trial Disclosure Programs.”264 The policy lists the factors the agency will consider in deciding which eligible programs to approve for a waiver, describes the agency’s procedures for issuing waivers, and discusses how the CFPB will disclose information to the public about these programs.265

In 2018, the CFPB proposed significant revisions to its trial disclosure program policy.266 The changes would eliminate several elements of the application process and reduce the review timeframe, provide procedures for extensions of trial disclosure programs identified as successful, and provide for coordination by the CFPB with sandbox programs offered by other regulators. The online version of this treatise will provide updates as they develop.


  • 262 {262} 12 U.S.C. § 5532(e)(1).

  • 263 {263} 12 U.S.C. § 5532(e)(2).

  • 264 {264} 78 Fed. Reg. 64,389 (Oct. 29, 2013).

  • 265 {265} Id. at 64,393–64,394.

  • 266 {266} 83 Fed. Reg. 45,574 (Sept. 10, 2018).