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The Consumer Financial Protection Bureau (CFPB) is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will replace the Office of Innovation that focused on an application-based process to confer special regulatory treatment on individual companies. The new office will support a broader initiative by the CFPB to analyze obstacles to open markets, better understand how big players are squeezing out smaller players, host incubation events, and, in general, make it easier for people to switch financial providers.

On December 21, 2020, the Consumer Financial Protection Bureau announced the addition of a Deputy Chief of Staff and an Assistant Director for the Office of Innovation.

On December 11, 2020, Consumer Financial Protection Bureau Director Kathleen L. Kraninger made a statement regarding her second-year anniversary leading the Bureau.

On November 30, 2020, the Consumer Financial Protection Bureau announced additions to its executive team.

On November 25, 2020, the Consumer Financial Protection Bureau launched a refresh of its public website, consumerfinance.gov. The updated website will feature additional user functionality, an improved layout, more content, and easier access to information.