The Consumer Financial Protection Bureau (CFPB) has launched the American Consumer Financial Innovation Network (ACFIN) to enhance coordination among federal and state regulators to facilitate financial innovation.
The bureau invited all state regulators to join ACFIN. So far, the attorneys general of Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee and Utah have joined.
“Federal and state coordination promotes consistency in the regulation of consumer financial products and services while facilitating consumer-beneficial innovation,” CFPB Director Kathy Kraninger said in a news release. “ACFIN will provide a platform for federal and state regulators to coordinate with each other as they develop new rules of the road and apply existing ones. This coordination can provide greater regulatory certainty across jurisdictions and allow regulators to keep pace with market developments. I will continue to work to encourage other state regulators to join this important new initiative that will foster collaboration among federal and state regulators.”
ACFIN enhances shared objectives such as competition, consumer access and financial inclusion. Additionally, ACFIN promotes regulatory certainty for innovators, benefiting the U.S. economy and consumers alike. The network also seeks to keep pace with market innovations and help ensure they are free from fraud, discrimination, and deceptive practices, the release stated.
As a result of this partnership, ACFIN members will share information to facilitate coordination among the members, and coordinate on innovation-related policies and programs.
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