The Consumer Financial Protection Bureau released its policy statement on No-Action Letters (NALs), ostensibly enabling financial services companies (including fintech startups) to obtain clarity on whether their business models are likely to incur scrutiny from the CFPB. 

However, critics argue that the statement does little to provide actual regulatory clarity or comfort, with the CFPB admitting they only expect to receive 1 to 3 NAL requests annually.