The Consumer Financial Protection Bureau (CFPB) has teamed with seven states to create the American Consumer Financial Innovation Network (ACFIN), a network designed to facilitate financial innovation via an enhanced coordination among federal and state regulators.
According to the CFPB, ACFIN is designed to share objectives including competition, consumer access and financial inclusion. The ACFIN will promote regulatory certainty for innovators while keeping the financial services world free from fraud, discrimination and deceptive practices. The states participating in the ACFIN include Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee and Utah.
“Federal and state coordination promotes consistency in the regulation of consumer financial products and services while facilitating consumer-beneficial innovation,” said CFPB Director Kathy Kraninger. “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. I will continue to work to encourage other state regulators to join this important new initiative that will foster collaboration among federal and state regulators.”