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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.

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.

Report Discusses Market Developments with Potential for Consumer-Friendly Innovation.

Thank you. It is exciting to be here at Money 20/20 and see all of the intense interest around innovation in consumer financial services. The possibilities...

Good afternoon and thank you for inviting me today. It is good to be here with so many people who have similar goals and ideals. The thread that ties us...

Project Also Finds Savings Persist After Offers End.

Bureau Publishes Policy to Reduce Potential Regulatory Uncertainty for Innovative Products that Promise Significant Consumer Benefits Today, the Bureau...

Today, the Bureau announced a Project Catalyst research pilot to analyze the effectiveness of certain practices designed to encourage positive saving...

Today, the Bureau announced a Project Catalyst research pilot to explore ways to encourage saving among consumers at tax time. The pilot will focus in...

Today, the Bureau announced a Project Catalyst research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at...

Testimony of Meredith Fuchs General Counsel, CFPB Chairman Hensarling, Ranking Member Waters, and Members of the Committee...

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...

The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, authorized the CFPB to facilitate innovation and to approve trial...

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...

We believe that good, consumer-friendly innovation holds great potential for achieving our mission of making the consumer finance market work again for...