When the Consumer Financial Protection Bureau (CFPB) first proposed the concept of a regulatory sandbox back in September last year it was “open only to fintech companies”; they have now changed their tune so that the sandbox is now also open to banks and credit unions and they are calling it the “Disclosure Sandbox”; this week the Milken Institute weighed in on the debate questioning whether the sandbox concept was needed at all; the idea being that the sandbox and the no action letter may help to some extent but it is just a band aid when real regulatory reform is needed. Source.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.