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.