CFPB Teams Up With International Regulators to Create Global Financial Innovation Network
Yesterday, the Consumer Financial Protection Bureau (CFPB) announced a new partnership with 11 financial regulators and related organizations to create the Global Financial Innovation Network (GFIN).
According to a press release, the GFIN “will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new framework for cooperation between financial services regulators on innovation-related topics.”
The GFIN’s proposed functions were laid out in a consultation document, in which the agency and partner regulators are asking interested parties to weigh in on the new network’s mission statement, proposed functions, and where it should prioritize activity.
“Joining the Global Financial Innovation Network (GFIN) demonstrates the Bureau’s commitment to promoting innovation by coordinating with state, federal, and international regulators,” said CFPB Acting Director Mick Mulvaney in a press release. “We look forward to working closely with other regulatory authorities – whether in the United States or abroad – to facilitate innovation and promote regulatory best practices in consumer financial services.”
In addition to the CFPB, participating members include the United Kingdom’s Financial Conduct Authority (FCA), Abu Dhabi Global Markets, Autorité des marchés financiers (Québec), the Australian Securities & Investments Commission, the Central Bank of Bahrain, the Dubai Financial Services Authority, the Guernsey Financial Services Commission, the Hong Kong Monetary Authority, the Monetary Authority of Singapore, the Ontario Securities Commission, and the Consultative Group to Assist the Poor (CGAP).
Interested parties can submit feedback to the CFPB’s Office of Innovation, which Mulvaney created earlier this year to make consumer-friendly innovation a priority for the agency.