Consumer Bureau Moves to Spur Consumer-Friendly Innovation
November 15, 2012
The Consumer Financial Protection Bureau (CFPB) is set to launch Project Catalyst, an initiative to encourage consumer-friendly innovation and entrepreneurship of consumer financial services and products. With this undertaking, the agency will work with companies and entrepreneurs pursuing innovation to understand emerging products in the market, engage with innovators, and share anonymous data about consumer behaviors and trends. For the last goal, the CFPB will work with three companies: BillGuard, which alerts consumers to questionable charges on their debit and credit cards; Plastyc, an alternative to traditional banking; and Simple, another such alternative.
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