The FDIC, OCC, SEC and CFTC today announced that they would join the Global Financial Innovation Network. The network is intended to facilitate interactions between regulators and innovators as they seek scale and ubiquity for new technologies. With this announcement, the agencies join 46 other authorities, central banks and international organizations that are members of GFIN, including the CFPB, which announced its participation in 2018.
“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 a joint 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.”