The federal financial consumer protection bureau’s Office of Innovation now has an online presence on the bureau’s website, along with links to policy and program changes under review – including the Global Financial Innovation Network (GFIN), the bureau’s plan to revise its trial disclosure program, and more.
The Bureau of Consumer Financial Protection (BCFP, formerly known as CFPB) announced its Office of Innovation in July; its stated mission is “to promote competition, innovation, and consumer access within financial services.” This office has assumed the work of the agency’s former Project Catalyst, the agency said, and will focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations.
The Innovation page appears to address all the initiatives associated to date with work involving the Office of Innovation: GFIN; the bureau’s proposed trial disclosure program changes; and an application for those wishing to pitch pilot programs on “consumer-friendly innovation.”
The page also includes a note that the innovation office is working to revise the bureau’s no-action letter policy “in order to increase participation by companies seeking to advance new products and services. More to come.”