States' fintech leader asks US consumer agency to 'partner' on 'sandboxes'

28 June 2018 7:12am
A state official at the forefront of launching financial technology “sandboxes” is asking Mick Mulvaney, head of the US Consumer Financial Protection Bureau, to back state efforts to oversee this controlled experimentation.

The CFPB should allow states to obtain waivers or exemptions from hundreds of federal restrictions that might inhibit consumers from participating, Arizona Attorney General Mark Brnovich said.

“To help fulfill the promise of fintech for consumers and entrepreneurs alike, the CFPB should partner with states to facilitate regulatory sandbox environments,” Brnovich’s recent letter said.