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Competition and innovation at CFPB

Our mission is to promote competition and innovation that benefit consumers in the financial products and services market.

We aim to fulfill this statutory mandate by:

  • Identifying regulatory barriers that block new entrants into the market or otherwise undermine free market competition
  • Using data to strengthen competition and gauge how market innovation impacts consumers
  • Working with stakeholders to identify and address outdated, unnecessary, or unduly burdensome regulations that harm consumers
  • Coordinating with Federal, State, and international regulators on matters related to competition and innovation

Stay informed about our regulatory coordination

The CFPB partners with other financial regulators across the nation and around the world to foster a competitive and innovative environment for consumer financial products and services.

American Consumer Financial Innovation Network

The American Consumer Financial Innovation Network (ACFIN) helps address the multitude of overlapping State and Federal laws and regulations governing consumer financial products and services that, when combined with a lack of coordination, burden innovation in the United States.

Learn more about ACFIN

Join ACFIN (for Federal and State officials and regulators)

Global Financial Innovation Network

The Global Financial Innovation Network (GFIN) seeks to provide a more efficient way for companies 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.

Learn more about GFIN

Public Convenings

To further the CFPB’s competition and innovation goals, the office holds short, intense problem-solving sessions to research and propose new solutions. During these public convenings, we invite entrepreneurs, investors, and technology professionals to challenge existing market structures that harm consumers and develop solutions to make it easier for consumers to navigate financial markets.

One example of these public convenings are CFPB tech sprints, which aim to:

  • Develop actionable technology-focused solutions to a variety of regulatory and consumer protection challenges
  • Harness technology to reduce burden, improve results, and create greater efficiencies across financial markets
  • Explore how technology can reshape compliance and speed effective interaction between regulators and financial institutions

Visit the Tech Sprints page to learn more.

Trial Disclosure Policy

We are accepting applications under the Trial Disclosure Policy. Under this policy, companies can obtain a safe harbor for testing disclosures that improve upon existing disclosures for a limited time while sharing data with the CFPB.

If you are interested in the Trial Disclosure Policy, please contact us by emailingOCI@cfpb.gov before you submit a formal application.

More generally, please contact us at OCI@cfpb.gov for any other matters relating to competition or innovation.

A Note on Engaging with the CFPB

As stated in the Trial Disclosure Policy, Trial Disclosure Policy Waivers issued by the CFPB in connection with a granted application are limited to the factual and legal scope stated in those formal documents and the recipient may reasonably rely on any Bureau commitments made in those documents.

Parties who contact the CFPB in connection with a potential or pending Trial Disclosure Policy application should bear in mind the following important points about the CFPB’s assessment process under this policy:

  1. CFPB staff limit their assessment of any potential or formal application (and of any material submitted in connection with the foregoing) to the factual and legal scope of the formal document issued by the CFPB.
  2. CFPB staff comment (or lack of comment) on any potential or formal application (and on any material submitted in connection with the foregoing) is informal, not binding on the CFPB, not determinative of the outcome of the application process, and has no legal consequence whatsoever.
  3. These documents do not limit in any way private enforcement or enforcement by state enforcers.

Granted Applications

The CFPB publishes all applications that have been processed and granted under our innovation policies. You can find the full list of these applications here.

How We Handle Your Information

Our handling of information you share with us is governed by applicable law , which includes the Freedom of Information Act and the CFPB’s Rule on Disclosure of Records and Information. We will assert those exemptions to protect your information wherever appropriate.

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