CFPB’s New Office of Innovation to be led by Arizona FinTech Regulatory Sandbox Official; Cryptocurrencies and Blockchain will likely be on the Agenda
By Eric A. Love
On July 18, 2018, Consumer Financial Protection Bureau (“CFPB”) Acting Director Mick Mulvaney announced that Paul Watkins, who previously led the FinTech initiatives in the Arizona Attorney General’s Office, will head the CFPB’s newly created Office of Innovation. According to a CFPB press release about the selection, the Office of Innovation will replace the CFPB’s Project Catalyst initiative (which the CFPB launched in 2012) and will “focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations.” Project Catalyst and the Office of Innovation share the stated overarching objective of promoting “consumer-friendly innovation” in consumer financial services.