Bureau joins global financial innovation network

The CFPB/BCFP announced yesterday it has joined 11 financial regulators and related organizations in an initiative to create the Global Financial Innovation Network (GFIN). The network 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 is organized around a draft consultation document that sets out the three primary proposed functions of the organization:

• act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models;
• provide a forum for joint policy work and discussions; and
• provide firms with an environment in which to trial cross-border solutions.

The Bureau and the other regulators are seeking views by October 14, 2018, on the mission statement for the GFIN, its proposed functions, and where it should prioritize activity.