State Authorities A Thorn In The Side Of CFPB’s Sandbox Scheme

U.S. federal authorities have taken a significant step towards the realization of a regulatory sandbox for fintech firms, appointing the individual responsible for crafting Arizona’s own sandbox as head of its “office of innovation.”

The Consumer Financial Protection Bureau (CFPB) made the announcement last month in its hiring of Paul Watkins, who previously worked at the Arizona Office of the Attorney General where he had led the work to create the first such project in the U.S.

“I am delighted that Paul Watkins is bringing his deep expertise, track record of protecting consumers, and commitment to innovation to the bureau,” said Mick Mulvaney, acting director of the CFPB.

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