We were privileged to have leaders from the CFPB Office of Innovation join us. They provided an overview on recent policies developed to foster continuing innovation while reducing regulatory uncertainty in the financial services industry. These policies authorize product and disclosure sandboxes, no-action letters, and advisory opinions, among other items. Providing traditional banks, credit unions, and FinTech companies, opportunities to test new products and services under defined conditions without fear of legal liability.
Pillsbury attorney, Craig Saperstein and Guidehouse partner, Alma Angotti provided insights about how their financial services clients utilize these policies for their benefit and to ensure compliance.
It's pretty clear that the pace of financial services is outstripping the old regulations and regulatory framework. The old system of local jurisdiction and local licensing made sense and doesn't so much in a digital environment.
Alma Angotti, Global Legislative & Regulatory Risk Leader