TOPEKA, Kan. (Legal
Newsline) — The Consumer Financial Protection Bureau (CFPB) recently announced
a report highlighting various market developments that have the potential to
produce benefits for consumers.
The developments come mostly
from FinTech startups and traditional financial institutions, and include new products,
services and trends. The report is part of Project Catalyst, which
works to promote consumer-friendly innovation by making sure consumer
protections are built into emerging products and services from the outset.
“Innovation has enormous
potential to improve the financial lives of consumers,” said CFPB Director Richard
Cordray. “At the same time, market developments cannot skirt the need for
strong consumer protection. Through Project Catalyst and other bureau
activities, we are working to expand our own knowledge and to foster a consumer
financial marketplace where emerging products can be developed that are safe and
beneficial for consumers.”