"You don't want to be saying 'we make a lot of money on these products' without being able to articulate why that's appropriate," said Ballard Spahr's Stefanie Jackman.

How to CFPB-Proof New Financial Products

To avoid unwanted scrutiny from the Consumer Financial Protection Bureau and other regulators, banks need to start thinking about "what is fair, not just what is legal," banking attorneys say.

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