Law360 (November 5, 2020, 9:07 PM EST) — The Consumer Financial Protection Bureau said Thursday it has granted no-action relief for Bank of America’s recently announced “Balance Assist” small-dollar loan product, issuing the first such waiver based on an application template the agency approved for banks earlier this year.
The CFPB’s no-action relief, outlined in a Nov. 5 letter, provides assurances of regulatory restraint for Bank of America NA to roll out the Balance Assist product, which the bank has said will allow its checking account customers to borrow up to $500 for three months and will carry an annual percentage rate of no more than 36%, far lower…
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