The Consumer Financial Protection Bureau has long sought to promote, rather than prevent, innovation in financial products and services. When Richard Cordray, Director of the CFPB, introduced Project Catalyst, the bureau's effort to foster innovation, two years ago he explained: "We believe that good, consumer-friendly innovation holds great potential for achieving our mission of making the consumer finance market work again for consumers."[1]
[1] Consumer Financial Protection Bureau, Prepared Remarks by Richard Cordray on Project Catalyst: Stimulating Innovation in Financial Products and Services (Nov. 14, 2012), available at http://www.consumerfinance.gov/newsroom/prepared-remarks-by-richard-cordray-on-project-catalyst-stimulatinginnovation- in-financial-products-and-services/. The Bureau has also implemented a trial disclosure policy, which allows companies to apply for a waiver from applicable federal disclosure requirements to test potential disclosure improvements on a trial basis. See Consumer Financial Protection Bureau, Policy to Encourage Trial Disclosure Programs, 78 Fed. Reg. 64,389 (Oct. 29, 2013).
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