The World Council of Credit Unions supports most aspects of the Global Financial Innovation Network (GFIN), but urges member agencies to work to ensure a level playing field. CUNA sent its comment letter Sunday, and strongly supports the World Council’s recommendations as well.
The letters were sent to the Bureau of Consumer Financial Protection, which announced the GFIN initiative working in collaboration with 11 financial regulators and related organizations.
The network will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new framework for cooperation between financial services regulators on innovation-related topics, according to the bureau.
“World Council supports most aspects of the GFIN’s proposed mission statement but urges the Member Agencies of the GFIN also to include the principles of a level regulatory playing field and the principle of proportionality,” its letter reads.
World Council also recommends:
World Council does not support GFIN’s proposed application procedures, as it does not include a public consultation process.