A Checklist of issues for a financial institution to consider when requesting a CFPB No-Action Letter. No-Action Letters are a means for financial institutions to obtain clarification regarding how certain provisions of federal consumer financial law may apply to particular financial products and services. The CFPB has rescinded its Policy on No-Action Letters effective September 30, 2022. For further information see, Legal Update, CFPB Rescinds No-Action Letter and Compliance Assistance Sandbox Policies.