The Consumer Financial Protection Bureau (CFPB) has partnered with multiple state regulators on behalf of financial innovation – the result being the launch of the American Consumer Financial Innovation Network (ACFIN).
More than just another acronym to keep tabs on, ACFINs goal is to enhance and promote the innovation that helps drive the pulse of the payments ecosystem.
Focusing on initiatives that ensure healthy competition in the marketplace, protect consumer access and promote financial inclusion, ACFIN has a mission to establish and maintain regulatory certainty for innovators, according to the press release.
“Federal and state coordination promotes consistency in the regulation of consumer financial products and services while facilitating consumer-beneficial innovation,” said CFPB Director Kathleen L. Kraninger in the same release. “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.”
ACFIN members are tasked with the expectation of facilitating innovation-related policies and programs that not only add value to the ecosystem but also protect it from fraud, discrimination and deceptive practices.
With an invitation out to all state regulators to join, ACFINs current members include the attorneys general of: Alabama, Arizona, Tennessee, South Carolina, Utah, Georgia and Indiana.