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The Consumer Financial Protection Bureau and the Global Financial Innovation Network (GFIN)

The Consumer Financial Protection Bureau is part of the Global Financial Innovation Network (GFIN), an organization of 29 regulatory agencies worldwide working together to support financial innovation in the best interests of consumers. Formally launched in January 2019, the GFIN seeks to provide a more efficient way for firms to interact with regulators as they seek to develop, execute and distribute new innovations. 

The GFIN also creates a new framework for co-operation between financial services regulators on innovation-related topics as they share different experiences and approaches. The three main functions of the GFIN are to:

  • Act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models;
  • Provide a forum for joint policy work and discussions; and
  • Give firms an environment that allows for trials of cross-border solutions.

As part of the Global Financial Innovation Network , the CFPB, through its new Office of Innovation, coordinates with international regulators to facilitate innovation and promote regulatory best practices in consumer financial services. The CFPB does not currently participate in GFIN’s efforts to allow firms to trial cross-border solutions.  

The GFIN initiative grew from the UK’s Financial Conduct Authority’s 2018 proposal to create a global sandbox, an environment where innovators can test new products and approaches before releasing it to the open market.

Full list of GFIN Membership

Coordination Group

Organisation

Jurisdiction

Australian Securities & Investments Commission (ASIC)

Australia

Central Bank of Bahrain (CBB)

Bahrain

Autorité des marchés financiers (AMF)

Québec, Canada

Guernsey Financial Services Commission (GFSC)

Guernsey

Hong Kong Monetary Authority (HKMA)

Hong Kong

Hong Kong Securities and Futures Commission (HKSFC)

Hong Kong

Astana Financial Services Authority (AFSA)

Kazakhstan

Monetary Authority of Singapore (MAS)
Singapore
Dubai Financial Services Authority (DFSA)
UAE
Financial Conduct Authority (FCA)
United Kingdom
Consumer Financial Protection Bureau (CFPB)
United States

Members

Organisation

Jurisdiction

Bermuda Monetary Authority (BMA)
Bermuda
Alberta Securities Commission (ASC)
Alberta, Canada
British Columbia Securities Commission (BCSC)
British Columbia, Canada
Ontario Securities Commission (OSC)
Ontario, Canada
Centrale Bank van Curaçao and Sint Maarten
Curaçao and Sint Maarten
Central Bank of Eswatini
Eswatini (Swaziland)
Magyar Nemzeti Bank (Central Bank of Hungary)
Hungary
Isle of Man Financial Services Authority (IOMFSA)
Isle of Man
Israel Securities Authority (ISA)
Israel
Jersey Financial Services Commission (JFSC)
Jersey
Capital Markets Authority (CMA, Kenya)
Kenya
Bank of Lithuania (BL)
Lithuania
South African Reserve Bank (SARB)
South Africa
Abu Dhabi Global Market (ADGM)
UAE

Observers

Organisation
Country
Qianhai Financial Authority
China
Consultative Group to Assist the Poor (CGAP)
Global
International Monetary Fund (IMF)
Global
World Bank Group
Global