Our mission is to promote innovation, competition, and consumer access within financial services.
We're aiming to fulfill this statutory mandate by:
- Updating policies and creating sandboxes through which we provide regulatory relief
- Engaging with entrepreneurs and the innovation community
- Collaborating with regulators
In July 2018, the Bureau created the Office of Innovation to focus on encouraging consumer-friendly innovation, which is now a key priority for the Bureau. The work that was being done under Project Catalyst has been transitioned to this new office.
No-Action Letter Policy
We've proposed revising the Bureau’s No-Action Letter Policy in order to increase participation by companies seeking to advance new products and services, as well as to bring the policy more in line with aspects of similar programs offered by other federal agencies.
We've proposed a regulatory sandbox that would give companies regulatory relief when testing new financial products and services while sharing data with the Bureau.
Trial Disclosure Sandbox
We've proposed revisions to the Trial Disclosure Program policy to, among other things, streamline the application process and encourage companies to conduct trial disclosure programs. We’re creating a “disclosure sandbox” under this policy and looking for companies that want to improve upon certain disclosures.
Global Financial Innovation Network
The Global Financial Innovation Network (GFIN) seeks to provide a more efficient way for innovators to interact with regulators as they look to scale new ideas. GFIN is also looking to create a new framework of cooperation among financial services regulators around the world.
Pitch a pilot
Groups that have an idea for a consumer-friendly innovation, and want to work with the BCFP to make it happen, can pitch pilots.
How we'll handle your information
Our handling of information you share with the Office of Innovation is governed by applicable law, which includes the Freedom of Information Act and the Bureau’s Rule on Disclosure of Records and Information. For example, the Freedom of Information Act exempts from public disclosure certain types of information, such as trade secrets and privileged or confidential commercial or financial information. We’ll assert those exemptions to protect your information wherever appropriate. Our handling of your information also depends on whether it is submitted in connection with the Trial Disclosure Program policy or the No-Action Letter policy, each of which have specific disclosure provisions.