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Three financial regulators issue reports on product and service innovations

Melanie Brody (Washington, DC office)
Ori Lev (Washington, DC office)
Jeffrey P. Taft (Washington, DC office)
Guy Wilkes (London office)
Matthew Bisanz (Washington, DC office of Mayer Brown LLP)
Tori Shinohara (Washington, DC office of Mayer Brown LLP)
Joy Tsai (Washington, DC office of Mayer Brown LLP)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 2 May 2017




To summarize developments by the US Consumer Financial Protection Bureau (“CFPB”), the US Office of the Comptroller of the Currency (“OCC”), and the UK Financial Conduct Authority (“FCA”) in their respective efforts to facilitate responsible financial innovation, and to predict what the financial services industry may expect in coming months.


This article summarizes financial marketplace developments of particular interest to the CFPB based on the CFPB’s report on its initiative to support responsible financial innovation and CFPB Director Richard Cordray’s speech at the Money 20/20 conference. The article also discusses the OCC’s release of a framework for its “Innovation Initiative”, providing insight to how the agency intends to engage with the fintech industry. Finally, this article explains how the FCA has identified the first cohort of firms to participate in its regulatory sandbox to test new financial products and services as part of the FCA’s wider “Project Innovate” initiative.


Financial technology innovators should closely monitor the agencies’ recent regulatory and policy developments to facilitate responsible financial innovation to be aware of new opportunities and regulatory consequences.


This article provides practical advice for fintech companies and other financial innovators on regulatory and policy updates from experienced financial services lawyers.



Brody, M., Lev, O., Taft, J.P., Wilkes, G., Bisanz, M., Shinohara, T. and Tsai, J. (2017), "Three financial regulators issue reports on product and service innovations", Journal of Investment Compliance, Vol. 18 No. 1, pp. 84-91.



Emerald Publishing Limited

Copyright © 2017, Mayer Brown LLP

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