WASHINGTON—The direction in which Acting Director Mick Mulvaney is attempting to push the Bureau of Consumer Financial Protection can be seen in the appointment of Paul Watkins to lead the Bureau’s new Office of Innovation.
“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,” said Mulvaney.
According to the Bureau, Mulvaney created the Office of Innovation to focus on encouraging consumer-friendly innovation, which the agency said is now a “key priority.” The Bureau said work that was being done under its Project Catalyst will be transitioned to this new office.
“The Bureau intends to fulfill its statutory mandate to promote competition, innovation, and consumer access within financial services,” the Bureau said in a statement. “To achieve this goal, the new office will focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations.”
Watkins is joining the Bureau from the Arizona Office of the Attorney General, where he was in charge of the office’s fintech initiatives. He managed the FinTech Regulatory Sandbox, the first state fintech sandbox in the country, which allows a company limited access to the marketplace in exchange for relaxing some regulations, the BCFP said.
Watkins has also served as the Chief Counsel for the Civil Litigation Division.