While the CFPB has indicated it will be monitoring FinTech innovations, it has not yet held a public event devoted to FinTech or financial innovation. Both the FTC and OCC have already held such events this year and now the Federal Reserve’s Board of Governors has announced that it will be hosting a research and
Innovation
OCC to hold forum on financial innovation
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
In his April 2016 appearance before the Senate Banking Committee, Director Cordray made clear that FinTech companies are on the CFPB’s radar screen. In particular, he indicated that while FinTech companies should not have an advantage in the marketplace over banks because they are not complying with same rules, the CFPB would seek to enforce…
CFPB Proposes No-Action Letter Policy for Innovators
By Heather S. Klein on
The CFPB published for comment in today’s Federal Register a proposed policy on issuing “no-action” letters for innovative financial products or services. Like those issued by the SEC and CFTC, the no-action letters would communicate that, subject to specific facts and circumstances, CFPB staff has no present intention to recommend initiation of an enforcement or…