BCFP seeks comments on global collaboration network

The Bureau of Consumer Financial Protection, in collaboration with 11 financial regulators and related organizations, seeks comments regarding a consultation document on a Global Financial Innovation Network (GFIN). Announced last month, the network will seek to provide a more efficient way for firms to interact with regulators.

This interaction is designed to help organizations navigate between countries as they look to scale new ideas. The GFIN will also create a new framework for cooperation between financial services regulators on innovation-related topics.

Stakeholders are invited to comment on the draft consultation document which sets out the GFIN’s three primary functions:

• Act as a network of regulators to collaborate and share experiences from respective markets, including on emerging technologies and business models;
• Provide a forum for joint policy work and discussion; and
• Provide firms with an environment in which to trial cross-border solutions.

Comments are due to the bureau’s Office of Innovation by Oct. 14.