The CFPB has opened a new Office of Competition and Innovation. The move
comes "as part of a new approach to help spur innovation in
financial services by promoting competition and identifying
stumbling blocks for new market entrants," according to a press release issued on May 24, 2022.
The "new office will support a broader initiative by the
CFPB to analyze obstacles to open markets, better understand how
big players are squeezing out smaller players, host incubation
events, and, in general, make it easier for people to switch
financial providers," according to the CFPB.
The Office of Competition and Innovation "will focus on how
to create market conditions where consumers have choices, the best
products win, and large incumbents cannot stifle competition by
exploiting their network effects or market power."
