Last week, the CFPB finalized its proposed revisions to its trial disclosures and no-action letter policies and also finalized its proposal to create a new FinTech sandbox policy. It also announced the creation of the American Financial Innovation Network (ACFIN), a network of federal and state regulators to facilitate innovation, and issued its first no-action letter under the final revised policy.… Continue Reading
The Cato Institute announced that it will hold a policy forum in Washington, D.C. on January 17, 2019 at which the topic will be “Promoting Fintech Innovation and Consumer Choice: The Role of Regulatory Sandboxes.”
The forum will feature Paul Watkins, Director of the CFPB’s Office of Innovation at the CFPB. … Continue Reading
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
At the Online Lending Policy Institute’s (OLPI) annual summit in Washington, D.C. earlier this week, the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose national bank (SPNB) charter was the focus of considerable discussion.
The summit speakers included Grovetta Gardineer, the Senior Deputy Comptroller for Compliance and Community Affairs at the OCC. … 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will “focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations” and identifies the encouragement of “consumer-friendly innovation” as “a key priority for the Bureau.”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