CFPB partners state regulators on innovation network

CFPB partners state regulators on innovation network

America's Consumer Financial Protection Bureau (CFPB) is teaming up with several state regulators to launch a network that helps them coordinate better on financial innovation.

The CFPB says it invited all state regulators to join the American Consumer Financial Innovation Network (Acfin), although only seven - Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee, and Utah - have so far taken up the offer.

Acfin aims to facilitate coordination among members on innovation-related policies and programmes. By working together, the partners hope to give firms regulatory certainty at state and federal level and promote competition, consumer access and financial inclusion.

Kathleen Kraninger, director, CFPB, says: "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."

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