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BCFP invites public comment on the Global Financial Innovation Network (GFIN) consultation document

Send comments to the Office of Innovation

The Bureau of Consumer Financial Protection (BCFP), working in collaboration with 11 financial regulators and related organizations, announced last month an initiative to create the Global Financial Innovation Network (GFIN).

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.

The collaborative effort is organized around a draft consultation document , which sets out the three main proposed functions of the GFIN:

  • 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

In the United States, interested stakeholders can share written comments directly with the Bureau’s Office of Innovation.

Items for comment 

The Bureau is particularly interested in public comment on any or all of the following areas:

1. The proposed mission statement for the GFIN.

2. The three main proposed functions for the GFIN.

3. Aspects/areas of regulation that pose the biggest challenge when it comes to innovation.

4. Any reasons why this initiative may be counterproductive to the outcomes it is seeking to achieve.

5. Whether the issue of developing best practices for regulators, when assessing financial innovation, should be a priority for the network. If not, other priorities the network should first address.

6. The approach to involving global standard-setting bodies as part of the GFIN and other ways in which these organizations could be involved.

7. Possible outcomes from the policy work and regulatory trials your organization would benefit from.

8. Your organization’s interest in cross-border trials. If so, provide any potential example use cases.

9. The proposed approach to managing the application process for cross-border trials.

10. For regulators: Any challenges you might anticipate with the proposed approach to managing the application process, or conducting cross-border trials.

Commenters should be aware that the content of comments may be subject to release under the Freedom of Information Act. Comments can also be shared with the Financial Conduct Authority (FCA) and other regulators, with contact information available within the consultation document .