CFPB's Innovation Push Could Give Startups Unintended Boost

Law360, New York (November 21, 2012, 8:28 PM EST) -- The Consumer Financial Protection Bureau's new initiative to spur innovation in how people bank, pay bills and in other ways manage their money has been greeted with cautious optimism by industry, but has raised concerns that the agency could inadvertently influence the marketplace by appearing to endorse new technologies.

The bureau's futuristic-sounding Project Catalyst is aimed at helping companies that are developing new consumer financial products, like prepaid cards and electronic payment tools, to do so in a way that will maximize consumer protections.

The project...
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