The US Bureau of Consumer Financial Protection has named Paul Watkins to lead its new Office of Innovation.
This new division was created to focus on supporting consumer-friendly innovation in financial products. The work being done by Project Catalyst, which supports consumer-friendly innovation and engagement with an innovator community, will be moved to the new innovation office.
The Bureau aims to meet its statutory mandate to promote competition, innovation, and consumer access within financial services. In order to complete this, the new office will create new policies to facilitate innovation, engage with entrepreneurs and regulators and review any outdated of unnecessary regulations.
Prior to the Bureau, Watkins was the attorney general at the Arizona Office. In this position he led a number of FinTech initiatives, including the FinTech Regulatory Sandbox, which was the first state-backed FinTech sandbox in the US.
Bureau of Consumer Financial Protection acting director Mick Mulvaney said, “I am delighted that Paul Watkins is bringing his deep expertise, track record of protecting consumers, and commitment to innovation to the Bureau.
“I am confident that, under his leadership, 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.”
Earlier in the week, Japan’s regulator Financial Services Agency had an organisational reform to improve its ability to keep regulations up with innovation.
The changes will see the Planning and Coordination Bureau and the Inspection Bureau divisions abolished and replaced. Taking their place are Strategy Development and Management Bureau, Policy and Markets Bureau and Supervision Bureau.
Copyright © 2018 FinTech Global
Copyright © 2018 RegTech Analyst
