Worried that the Consumer Financial Protection Bureau is going to snuff out anything cool and innovative? Some critics have been. However the Dodd-Frank Act requires the agency “to encourage financial innovation to benefit consumers,” writes American Banker’s Joe Adler.

The CFPB announced its new effort on that front: Project Catalyst. The agency is joining forces with Billguard, Simple and Plastycto gain a better understanding of how to support alternative start-ups.

"Through this project, the CFPB will be engaging more closely with companies and entrepreneurs who are at the front lines of innovation," says CFPB Director Richard Cordray.

For the full piece see "CFPB Unveils Effort Focused on Financial Startups" (may require subscription).