Skip to main content

Paul Watkins Tapped to Lead CFPB’s New Office of Innovation

Jul 19, 2018
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

Consumer of Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney has announced the selection of Paul Watkins to lead the Bureau’s new Office of Innovation.
 
“I am delighted that Paul Watkins is bringing his deep expertise, track record of protecting consumers, and commitment to innovation to the Bureau,” said Acting Director Mulvaney. “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.”
 
Acting Director Mulvaney recently created the Office of Innovation to focus on encouraging consumer-friendly innovation, which is now a key priority for the Bureau. The work that was being done under Project Catalyst will be transitioned to this new office. The Bureau intends to fulfill its statutory mandate to promote competition, innovation, and consumer access within financial services. To achieve this goal, the new office will focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations.
 
Watkins comes to the Bureau from the Arizona Office of the Attorney General, where he was in charge of the office’s fintech initiatives. He managed the FinTech Regulatory Sandbox, the first state fintech sandbox in the country, which allows a company limited access to the marketplace in exchange for relaxing some regulations. Watkins was also the Chief Counsel for the Civil Litigation Division. In that role, he managed the state’s litigation in areas such as consumer fraud, antitrust, and civil rights. Previously, Watkins practiced at Covington & Burling LLP in San Francisco and Simpson, Thacher & Bartlett LLP in Palo Alto, Calif.


 
About the author
Published
Jul 19, 2018
New FHFA Director To Prioritize Efficiency Over GSE Re-Privatization

Industry groups applaud Bill Pulte’s confirmation as FHFA Director, pledge to work on U.S. housing affordability ‘crisis’

NMP Readers Respond: What Should Become Of The CFPB?

55% said downsize the CFPB, 45% said don't, but survey comments revealed much more

HUD Reportedly Considering Office Closures Across Multiple States

Downsizing plans could leave more than 30 states without local staff to underwrite mortgages

Job Cuts Will ‘Hobble’ Housing Finance

Reducing FHA and Ginnie Mae staff won't help housing costs, according to an Urban Institute study

Trump's Plan: Chop More Timber To Cut Down Housing Costs

Move comes as some caution Canada, Mexico tariffs will spike building materials costs

CFPB Director Nominee McKernan Probed At Senate Hearing

"You've been lined up to be the number-one horse at the glue factory,” said Senator Elizabeth Warren (D-MA).