The US Consumer Financial Protection Bureau (CFPB) has appointed Paul Watkins to lead its new Office of Innovation.
Acting director Mick Mulvaney said the Office of Innovation “will make significant progress in creating an environment where companies can advance new products and services without being unduly restricted by red tape that belongs in the 20th century”.
The Office of Innovation is aimed at encouraging consumer-friendly innovation, fulfilling its statutory mandate to promote competition and consumer access within financial services. To achieve this goal, the new office will engage with entrepreneurs and regulators, “reviewing outdated or unnecessary regulations”.
Watkins comes to the CFPB from the Arizona Office of the Attorney General, where he was in charge of FinTech initiatives. He managed the FinTech regulatory sandbox, the first state sandbox in the country, which allowed companied limited access to the marketplace in exchange for relaxing some regulations.
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