Paul Watkins has been chosen to lead the Consumer Financial Protection Bureau’s (CFPB) new Office of Innovation.
Bureau Acting Director Mick Mulvaney recently announced the decision, citing Watkin’s expertise, track record of protecting consumers, and commitment to innovation to the Bureau.
“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,” Mulvaney said.
Watkins joined the Bureau from the Arizona Office of the Attorney General, where he was in charge of the office’s fintech initiatives and managed the FinTech Regulatory Sandbox, the first state fintech sandbox in the country, which allowed
a company limited access to the marketplace in exchange for relaxing some regulations.
Watkins also served as the Chief Counsel for the Civil Litigation Division, where he managed the state’s litigation in areas such as consumer fraud, antitrust, and civil rights.
The Office of Innovation was created to focus on encouraging consumer-friendly innovation, with the intent of fulfilling its statutory mandate to promote competition, innovation, and consumer access within financial services.
The new office is expected to focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators and reviewing outdated or unnecessary regulations.