CFPB Announces New Coordination Project with State Regulators
Earlier today, the Consumer Financial Protection Bureau (CFPB), alongside multiple state regulators, launched the American Consumer Financial Innovation Network (ACFIN), which aims to enhance coordination between federal and state regulators.
ACFIN will focus, at least initially, on financial innovation. According to a CFPB press release, it aims to enhance “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.”
“Federal and state coordination promotes consistency in the regulation of consumer financial products and services while facilitating consumer-beneficial innovation,” said CFPB Director Kathy Kraninger. “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.
So far, ACFIN includes Attorneys General from the following states: Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee, and Utah.