Browsing: Technology

Newsbytes CFPB overhauls Office of Innovation to focus on ‘promoting competition’

The CFPB today announced that it will open a new Office of Competition and Innovation. This new office will replace the bureau’s existing Office of Innovation, which was established in 2018 and focused on allowing companies to apply for no-action letters and regulatory sandboxes in order to test specific innovative product offerings.

Newsbytes ABA: No compelling case exists for U.S. CBDC

The creation of a central bank digital currency “should only be pursued as a final option to meet clearly defined public policy goals that cannot be achieved through payments innovations that leverage existing digital dollars,” the American Bankers Association told the Federal Reserve in a comment letter.

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