Worried that the Consumer Financial Protection Bureau is going to snuff out anything cool and innovative? Some critics have been. However the Dodd-Frank Act requires the agency “to encourage financial innovation to benefit consumers,” writes American Banker’s Joe Adler.
The CFPB announced its new effort on that front: Project Catalyst. The agency is joining forces with Billguard, Simple and Plastycto gain a better understanding of how to support alternative start-ups.
"Through this project, the CFPB will be engaging more closely with companies and entrepreneurs who are at the front lines of innovation," says CFPB Director Richard Cordray.
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