The Consumer Financial Protection Bureau released a report, “Project Catalyst report: Promoting consumer-friendly innovation” to coincide with the Mortgage Bankers Association Annual Convention & Expo 2016 in Boston.
The 27-page report highlights many areas in which the bureau is actively involved with bank and non-bank innovators, ranging from large, established institutions to small startups, to help achieve innovation in consumer finance. Examples of the bureau’s involvement with innovations include areas such as improved credit assessment, credit reporting and accuracy, and mortgage servicing platforms.
Numerous examples in the report offer insight into how innovation is deeply rooted in the mission and culture of the bureau as a 21st century agency. Finally, the report also addresses concerns and requests for clear guidance on launching financial products without fear of stepping over the regulator’s lines.