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Innovation

Our mission is to promote innovation, competition, and consumer access within financial services. 

We're aiming to fulfill this statutory mandate by:

  • Creating policies and sandboxes through which we reduce potential barriers to innovation
  • Engaging with stakeholders interested in promoting consumer-beneficial innovation
  • Coordinating with Federal, State and international regulators

We strongly encourage you to contact us before you apply for any of our innovation programs.

Our work

No-Action Letter Policy

We've revised the Bureau’s No-Action Letter Policy by, among other things, streamlining the application and review process, and replacing staff recommendations of no-action with a Bureau commitment of no-action.

Compliance Assistance Sandbox

We've created a Compliance Assistance Sandbox in which companies can obtain a safe harbor for testing innovative products and services for a limited period of time while sharing data with the Bureau.

Trial Disclosure Sandbox

We've updated our Trial Disclosure Sandbox in which companies can obtain a safe harbor for testing for a limited period of time disclosures that improve upon existing disclosures, while sharing data with the Bureau. We’ve also provided a pathway for continued use of trial disclosures that test successfully.

American Consumer Financial Innovation Network

The American Consumer Financial Innovation Network (ACFIN) helps Federal and State officials coordinate efforts to facilitate innovation and further objectives such as consumer access, competition, and financial inclusion. The network also seeks to help regulators keep pace with innovation to help ensure consumer financial services markets are free from fraud, discrimination, and deceptive practices.  

Global Financial Innovation Network

The Global Financial Innovation Network (GFIN) seeks to provide a more efficient way for innovators to interact with regulators as they look to scale new ideas. GFIN is also looking to create a new framework of cooperation among financial services regulators around the world.

Pitch a pilot

Groups that have an idea for a consumer-beneficial innovation, and want to work with the CFPB to make it happen, can pitch pilots.

We're here as a resource

Talk to us

We have a lot to talk about with the innovation community. Want to talk over a barrier to a new idea? Other thoughts?

OfficeOfInnovation@consumerfinance.gov

Use our data

Explore our consumer complaint data to make the market better.

Get the data

How we'll handle your information

Our handling of information you share with the Office of Innovation is governed by applicable law, which includes the Freedom of Information Act and the Bureau’s Rule on Disclosure of Records and Information. For example, the Freedom of Information Act exempts from public disclosure certain types of information, such as trade secrets and privileged or confidential commercial or financial information. We’ll assert those exemptions to protect your information wherever appropriate.