Four U.S. financial institution and capital markets regulators announced they have joined the Global Financial Innovation Network (GFIN), a global network of regulators and other organizations focused on financial innovation “in the interests of consumers.”
In a joint release Thursday, the Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC), Commodity Futures Trading Commission (CFTC), and Securities and Exchange Commission (SEC) announced their membership in the network.
“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 agencies said in their announcement. “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 Consumer Financial Protection Bureau (CFPB) in August 2018 announced it was participating in a global initiative to create the GFIN. It is one of the group’s 11 coordination group members.
With the FDIC, OCC, CFTC, and SEC, the GFIN includes 50 financial authorities, central banks, and international organizations in its membership.