Testimony of Meredith Fuchs General Counsel, Consumer Financial Protection Bureau Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the invitation to appear today on the impact of regulation on financial markets and institutions. My name is Meredith Fuchs and it is my privilege to serve as General Counsel at the […]
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, authorized the CFPB to facilitate innovation and to approve trial disclosure programs.
As part of its Project Catalyst initiative, and in line with its statutory authority, the Bureau’s goal is to encourage banks, credit unions, and other financial services companies to propose and conduct trial disclosure programs.
Prepared Remarks by Richard Cordray on Project Catalyst: Stimulating Innovation in Financial Products and Services
We believe that good, consumer-friendly innovation holds great potential for achieving our mission of making the consumer finance market work again for consumers. We want to help as much as we can to stimulate innovation in financial products and services.
The Bureau views this project as an important means of fulfilling its mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act to give all consumers access to fair, transparent, competitive, and innovative markets.