Project Catalyst

Cordray remarks/CFPB report on financial innovation and Project Catalyst include warning on limiting consumer access to financial data

By Scott M. Pearson on October 25, 2016

Posted in Regulatory and Enforcement, Technology

In a new report, the CFPB discusses its approach to FinTech and financial innovation, its Project Catalyst initiative, and marketplace developments the CFPB views as potentially beneficial for consumers. The report, entitled “Project Catalyst report: Promoting consumer-friendly innovation-Innovation Insights,” was released in conjunction with remarks given by Director Cordray at Money 20/20, a large conference focused on payments and financial services innovation. … Continue Reading

CFPB Proposes No-Action Letter Policy for Innovators

By Heather S. Klein on October 16, 2014

Posted in CFPB General, Regulatory and Enforcement, Technology

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 supervisory action against the requester with respect to a specified matter. … Continue Reading