CFPB Launches Financial Product Innovation Initiative


On November 14, the CFPB announced an initiative designed to encourage “consumer-friendly innovation and entrepreneurship” in financial product markets. The CFPB stated that the “Project Catalyst” initiative will allow the Bureau to (i) establish firm communication with innovators that will allow the Bureau to better understand the current situations in the market, (ii) understand new and emerging products in the market and the sufficiency of the existing regulatory environment for such products, and (iii) engage with innovators to help the Bureau better understand what works and does not work for consumers. The first phase of the project involves three companies that will share anonymized data about consumer behaviors and trends with the CFPB, which the CFPB intends to use to inform policy decisions. The initial phase participants will provide (i) consumer credit and debit card billing dispute data, (ii) data regarding the value consumers place on easily depositing and obtaining immediate access to their funds, and (iii) a product that helps consumers gain insight into their spending habits. Through the Project Catalyst website, interested parties can identify financial regulations that hamper consumer-friendly innovation or seek to collaborate with the CFPB on new financial products or services.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.