The CFPB publicly acknowledged yesterday their interest in innovation in consumer financial services by launching Project Catalyst, as already reported in this blog.  It is quite the departure from precedent for a banking regulator to actually express interest in being supportive of new technologies and how they could improve consumer financial services.  For practitioners like me, who work closely with financial institutions to help them implement new technologies in the consumer space, this is an exciting announcement, although tinged with concern about the CFPB’s good intentions potentially causing more delay in technologies actually getting to market.

As part of the CFPB’s Project Catalyst initiative – presumably the pet name of “Catalyst” implies that they hope to be a “catalyst for change” – the CFPB flings open its doors and asks innovators to come charging in with their fantastic financial technology innovations so that the CFPB can evaluate, examine and eventually, one supposes, opine.