The United States is throwing more weight behind a recently launched group of global financial regulators aimed at promoting cooperation and innovation within the industry.
The Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) have all joined the Global Financial Innovation Network (GFIN). The four regulators join the Consumer Financial Protection Bureau (CFPB) among entities representing the United States in the network.
The GFIN was launched in January 2019 following a proposal from the U.K. Financial Conduct Authority to create a global sandbox. The CFPB was among the coordinators in forming the group, while the SEC, CFTC, FDIC, and OCC will all hold member status.
“U.S. financial regulators have taken proactive steps in recent years to enhance regulatory clarity and understanding for all stakeholders and promote early identification of emerging regulatory opportunities, challenges, and risks,” the SEC said in a press release. “Participation in the GFIN furthers these objectives and enhances the agencies’ abilities to encourage responsible innovation in the financial services industry in the United States and abroad.
“By promoting knowledge-sharing on innovation in financial services, U.S. members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability.”
The network is now comprised of 50 international organizations.