United States: CFPB Acting Director Appoints Director For New Office Of Innovation

Consumer Financial Protection Bureau ("CFPB") Acting Director Mick Mulvaney selected Paul Watkins to serve as Director of a newly created Office of Innovation.

According to the CFPB, the Office of Innovation is intended to help foster "consumer-friendly innovation." The new office will focus on (i) promoting policies that are conducive to innovation, (ii) "engaging with entrepreneurs and regulators," and (iii) "reviewing outdated or unnecessary regulations."

Mr. Watkins most recently oversaw FinTech initiatives in the Arizona Office of the Attorney General ("AG"). He was previously the Chief Counsel for the Civil Litigation Division in the AG's Office. Prior to that, Mr. Watkins practiced law at Covington & Burling LLP, and Simpson, Thacher & Bartlett LLP.

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