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CFPB helps launch international financial innovation coalition

Joe Mont | August 9, 2018

The Consumer Financial Protection Bureau, working in collaboration with 11 international financial regulators and related organizations, has announced 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,” the Bureau said in an announcement. It will also create “a new framework for cooperation between financial services regulators on innovation-related topics.”

The collaborative effort is organized around a draft consulting document.

The consulting document sets out the three main proposed functions of the GFIN:

  • Act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging...
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