The Consumer Financial Protection Bureau (Bureau), working in partnership with multiple state regulators, launched the American Consumer Financial Innovation Network (ACFIN), a network to enhance coordination among federal and state regulators to facilitate financial innovation.
The Bureau invited all state regulators to join ACFIN, and the initial members of ACFIN are the Attorneys General of: Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee, and Utah.
ACFIN enhances shared objectives such as competition, consumer access, and financial inclusion. Additionally, ACFIN promotes regulatory certainty for innovators, benefiting the U.S. economy and consumers alike. The network also seeks to keep pace with market innovations and help ensure they are free from fraud, discrimination, and deceptive practices.
As a result of this partnership, ACFIN members will share information to facilitate coordination among the members, and coordinate on innovation-related policies and programs.
“Federal and state coordination promotes consistency in the regulation of consumer financial products and services while facilitating consumer-beneficial innovation,” said Consumer Financial Protection Bureau Director Kathleen L. 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.”
The ACFIN Charter may be found here: https://files.consumerfinance.gov/f/documents/cfpb_CFIN-charter_2019-09.pdf