Earlier this month, the CFPB launched a new “Innovation” page on their website which promotes the initiatives of the newly formed Office of Innovation. The Office of Innovation was formed in July of 2018 with a goal of encouraging consumer-friendly innovation and carrying on the work that was being done under Project Catalyst. The new Innovation webpage comes just about a month after the CFPB proposed a revision to their policy to encourage trial disclosure programs (9/10/18).
The new innovation page provides a mission statement to promote competition, innovation, and consumer access within financial services and provides three ways the CFPB is aiming to fulfill this statutory mandate: By creating or updating policies, by engaging with entrepreneurs and the innovation community, and by collaborating with state, federal, and global regulators. Contact information, as well as several resources for financial institutions who are interested in innovation programs - such as running a disclosure trial or pitching a pilot program - are provided on the page.
The CFPB innovation page can be found here.
