Establishes a Financial Technology Sandbox within the Office of Financial Regulation to allow testing of innovative financial products and services.

The bill creates a Financial Technology Sandbox within the Office of Financial Regulation to allow financial technology innovators to test new products and services in a supervised, flexible regulatory environment. It outlines criteria for approving applications, including factors such as the nature of the financial product or service, potential consumer risks, and the business plan. The bill also specifies the maximum number of consumers who can receive the financial product or service and allows for extensions of the initial 24-month sandbox period.

Establishes a Financial Technology Sandbox within the Office of Financial Regulation to allow testing of innovative financial products and services.

The bill creates a Financial Technology Sandbox within the Office of Financial Regulation to allow financial technology innovators to test new products and services in a supervised, flexible regulatory environment. It outlines criteria for approving applications, including factors such as the nature of the financial product or service, potential consumer risks, and the business plan. The bill also specifies the maximum number of consumers who can receive the financial product or service and allows for extensions of the initial 24-month sandbox period.