The Consumer Financial Protection Bureau (CFPB) announced the opening of a new Office of Competition and Innovation to “help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants.”
The CFPB’s new Office of Competition and Innovation replaces the existing Office of Innovation and Project Catalyst. The CFPB’s director Rohit Chopra stated, “Competition is one of the best forms of motivation. It can help companies innovate and make their products better, and their customers happier. We will be looking at ways to clear obstacles and pave the path to help people have more options and more easily make choices that are best for their needs.”
The main goals of the new Office of Competition and Innovation will support the CFPB’s general effort at increasing competition for the benefit of all consumers and include the following:
- give consumers their walking rights to switch providers;
- research structural problems blocking successes;
- understand how bigger players can gain advantage over smaller players;
- identify ways to address commonplace obstacles; and
- host events to explore barriers to entry and other obstacles.
To see the CFPB’s news release, please visit this link.