Innovation at the Bureau
Our mission is to promote innovation, competition, and consumer access within financial services.
We're aiming to fulfill this statutory mandate by:
- Creating policies and sandboxes through which we reduce potential barriers to innovation
- Engaging with stakeholders interested in promoting consumer-beneficial innovation
- Coordinating with Federal, State and international regulators
Participate in an innovation program
Please contact us before you submit a formal application under any of our Innovation Policies.
No-Action Letter Policy
We've revised the Bureau’s No-Action Letter Policy by, among other things, streamlining the application and review process, and replacing staff recommendations of no-action with a Bureau commitment of no-action.
Compliance Assistance Sandbox
We've created a Compliance Assistance Sandbox in which companies can obtain a safe harbor for testing innovative products and services for a limited period of time while sharing data with the Bureau.
Trial Disclosure Sandbox
We've updated our Trial Disclosure Sandbox in which companies can obtain a safe harbor for testing for a limited period of time disclosures that improve upon existing disclosures, while sharing data with the Bureau.
A note about engaging with the Bureau
As stated in each of the Bureau’s three Innovation Policies, the formal document issued by the Bureau in connection with a granted application (i.e., a NAL, a TDP Waiver, or a CAS Approval) is limited to the factual and legal scope stated in that formal document and the recipient may reasonably rely on any Bureau commitments made in that document.
Parties who contact the Bureau in connection with a potential or pending application should bear in mind the following important points about the Bureau’s assessment process under the Innovation Policies:
- Bureau 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 Bureau.
- Bureau 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 Bureau, not determinative of the outcome of the application process, and has no legal consequence whatsoever.
Participate in a Tech Sprint
Tech Sprints bring together technologists with financial, consumer, and regulatory stakeholders for short, intense problem-solving sessions.
They 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
Stay informed about our regulatory coordination
We are actively working with other financial regulators across the nation and around the world to foster an innovative environment.
American Consumer Financial Innovation Network
The American Consumer Financial Innovation Network (ACFIN) helps Federal and State officials coordinate efforts to facilitate innovation and further objectives such as consumer access, competition, and financial inclusion. The network also seeks to help regulators keep pace with innovation to help ensure consumer financial services markets are free from fraud, discrimination, and deceptive practices.
Global Financial Innovation Network
The Global Financial Innovation Network (GFIN) seeks to provide a more efficient way for innovators 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.
We're here as a resource
We have a lot to talk about with the innovation community. Want to talk over a barrier to a new idea? Other thoughts?
How we'll handle your information
Our handling of information you share with the Office of Innovation is governed by applicable law, which includes the Freedom of Information Act and the Bureau’s Rule on Disclosure of Records and Information. For example, the Freedom of Information Act exempts from public disclosure certain types of information, such as trade secrets and privileged or confidential commercial or financial information. We’ll assert those exemptions to protect your information wherever appropriate.