The Consumer Financial Protection Bureau has appointed Paul Watkins as leader of its new Office of Innovation, Acting Director Mick Mulvaney announced.
Mulvaney recently created the office to fulfill the CFPB’s statutory mandate to promote competition, innovation, and consumer access within financial services. The new office will focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations.
Watkins joins the CFPB from the Arizona Office of the Attorney General, where he was in charge of the office’s fintech initiatives. In that role, he managed the FinTech Regulatory Sandbox, the first state fintech sandbox in the country. He was also the chief counsel for the civil litigation division.
"I am delighted that Paul Watkins is bringing his deep expertise, track record of protecting consumers, and commitment to innovation to the bureau," Mulvaney said. "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."\
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