BCFP Hires Director for New Office of Innovation

The Bureau of Consumer Financial Protection has hired Paul Watkins to run its new Office of Innovation.

Most recently, Watkins worked for the Attorney General of Arizona, where he ran the office’s financial technology (fintech) initiatives. Watkins managed the state’s FinTech Regulatory Sandbox, which allows companies limited access to a marketplace in exchange for relaxed regulations. The Arizona FinTech Sandbox was the first at the state level in the country, according to the BCFP. Watkins was also chief counsel for the AG’s civil litigation division. Prior to entering public service, Watkins worked at Covington & Burling and Thacher & Bartlett.

The BCFP’s Office of Innovation will “promote competition, innovation, and consumer access within financial services,” according to the agency, and will do this by focusing on “creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations.”

“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 in a statement

. “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.”