CFPB granted a no-action letter to Bank of America, N.A. regarding the bank’s funding arrangements with housing counseling agencies certified by the U.S. Department of Housing and Urban Development.
The Consumer Financial Protection Bureau (Bureau), working in partnership with multiple state regulators, launched the American Consumer Financial Innovation Network (ACFIN), a network to enhance coordination among federal and state regulators to facilitate financial innovation.
First No-Action Letter Issued to HUD Housing Counseling Agencies
The Bureau is also tasked with the mission of facilitating innovation and access to financial products and services for consumers. To achieve this portion of our mission to protect consumers, the Bureau has been updating our innovation policies and engaging with a variety of stakeholders, as well as collaborating with other federal, state, and global regulators on these issues.
Thank you, Todd, for the kind introduction. And thank you to the staff of the Law and Economics Center for the invitation to speak today. I am honored to participate in an event organized by an institution recognized as having a rich and consequential intellectual tradition. I am also grateful to Chris Mufarrige for his invaluable assistance in helping prepare my remarks today.
Good morning. Thank you Ruth for the introduction and for inviting the Bureau to be a part of this year’s Consumer Empowerment Conference. Consumer Action has graciously invited Bureau employees to speak at this event in years past, and I am honored to continue this tradition. And I am especially happy to return to my roots here in the Midwest.
The Bureau of Consumer Financial Protection (BCFP), working in collaboration with 11 financial regulators and related organizations, is announcing an initiative to create the Global Financial Innovation Network (GFIN).
Bureau of Consumer
Financial Protection (Bureau) Acting Director Mick Mulvaney today announced he
has selected Paul Watkins to lead the Bureau’s new Office of Innovation.
Company to Regularly Report Lending and Compliance Information to the Bureau
I am glad to be with you today to hear firsthand about the latest innovations in consumer financial services. These innovations seem to be generating considerable interest and optimism about the future. They are driving new services for consumers and transforming how they conduct their finances.
