The Bureau of Consumer Financial Protection (formerly the CFPB) has chimed in to add their voice of support to the report on Fintech emanating out of the US Department of Treasury and the Office of the Comptroller Currency’s decision to immediately accept applications for Fintech Charters.
“We welcome the important steps taken by our fellow agencies to promote innovation. Success will be determined by how well U.S. regulators coordinate their efforts,” affirmed Mulvaney. “We look forward to working with our State and Federal partners to ensure American global leadership in the Fintech space for years to come.”
Under previous leadership the Bureau voiced support for innovations in financial services but did little to actually promote Fintech innovation. “Project Catalyst” was the initiative designed to devise new policies to foster innovation in financial services but little was ever accomplished. In the Spring of 2017 when the Bureau was being led by Richard Cordray, Congressman Patrick McHenry labeled Project Catalyst a failure stating “the program has been a flop.”
Mulvaney’s comments may be brief but straight to the point. Success will be measured by the ability of regulators to coordinate their efforts.