Our guest for this week’s podcast is Paul Watkins, Director of the CFPB’s Office of Innovation.  Paul formerly worked in the Arizona Attorney General’s office where he was in charge of fintech initiatives and led the state’s successful efforts to create the first “regulatory sandbox” in the United States which allows new financial technologies and products to be tested in a controlled environment with reduced regulatory risk.… Continue Reading

The BCFP has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCFP Product Sandbox.”  Comments must be received on or before February 11, 2019.

Proposed NAL policy revisions. The revisions are intended to address the 2016 policy’s many shortcomings.… Continue Reading

In August 2018, Arizona began accepting applications for its regulatory sandbox that “enables a participant to obtain limited access to Arizona’s market to test innovative financial products or services without first obtaining full state licensure or other authorization that otherwise may be required.”  The state’s Attorney General is responsible for the application process and oversight of the sandbox. … Continue Reading

Paul Watkins, who formerly was in charge of  fintech initiatives in the Arizona Attorney General’s office, has been named by Acting Director Mulvaney to serve as Director of the Bureau’s Office of Innovation.

The Bureau’s press release indicates that the recently-created Office of Innovation will “focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations” and identifies the encouragement of “consumer-friendly innovation” as “a key priority for the Bureau.” … Continue Reading

Arizona’s Governor recently signed into law legislation that directs the state’s Attorney General to establish a “regulatory sandbox program” for the purpose of “enabl[ing] a person to obtain limited access to the market in this state to test innovative financial products or services without obtaining a license or other authorization that would otherwise apply.” … Continue Reading