The Consumer Financial Protection Bureau launched a new initiative, called Project Catalyst, to encourage innovation in finance.
“We want to collaborate with innovators seeking to advance consumer-friendly innovation,” said CFPB Director Richard Cordray in a press statement. “These collaborations help us better understand what works and does not work to improve life for consumers in the marketplace.”
Three companies have agreed to cooperate with the CFPB in this venture:
- BillGuard, the transaction-fraud detection service, will share billing dispute data.
- Plastyc, a provider of prepaid cards, will share data on consumer interest in depositing and obtaining account funds.
- Simple, the financial startup that aims to replace traditional banking, will offer insight into consumers’ spending habits and ways to encourage saving.