On May 24, 2022, the Consumer Financial Protection Bureau announced that it is opening a new office called the Office of Competition and Innovation in order to spur innovation in financial services through competition. This new office will replace the Office of Innovation which primarily processed company and product-specific applications for No-Action Letters and Sandboxes.
The CFPB believes that the creation of this new Office will help it fulfill its statutory mandate to promote fair transparent and competitive markets. Its goal is to create market conditions where consumers have choices, the best products win, and large incumbents cannot stifle competition. In order to achieve this objective, the Office of Competition and Innovation will do the following:
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