Regulatory Focus on Innovation Grows: The OCC and CFPB’s Differing Approaches

8 November 2016
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Key takeaways

  • The Office of the Comptroller of the Currency (“OCC”) and the Consumer Financial Protection Bureau’s (“CFPB”) initiatives regarding the financial technology (“FinTech”) industry indicate differing approaches related to balancing innovation with regulation.
  • The OCC appears to be taking a more active role in the FinTech industry through its recently announced Office of Innovation and its Framework for Responsible Innovation.
  • The CFPB, on the other hand, continues to engage in activities to encourage consumer-friendly innovation, and has described these activities and the evolving financial marketplace in its report on Project Catalyst.