On February 15, OLA attended an industry roundtable, alongside 25 other trade associations, hosted by CFPB Acting Director Mulvaney. OLA has sent a follow-up letter outlining some recommended reforms to Project Catalyst. Those include:
- Improved regulatory flexibility
- Greater use of wavier
- True “No-Action” letter
- Greater use of guidance documents
- Utilizing statements of enforcement policy to set guard rails
As many will recall, Project Catalyst was created in 2008 to be a vehicle to support innovation in our financial markets. While holding great potential, it has fallen short of its potential. The letter, located below, provides a road map to getting this initiative back on track.
OLA looks forward to work with Acting Director Mulvaney and the staff at the CFPB towards improvements to Project Catalyst.
