WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB), the Office of the Utah Attorney General, and the Utah Department of Financial Institutions held joint office hours on January 30, 2020 in Salt Lake City, Utah. The joint office hours are held as part of the American Consumer Financial Innovation Network (ACFIN). Earlier this year the CFPB, along with state partners, launched ACFIN to enhance coordination among federal and state regulators as it relates to innovation and further objectives such as consumer access, competition, and financial inclusion. Additionally, ACFIN provides a platform for members to share information to facilitate coordination on innovation policies and programs.
Joint office hours provide innovators with the opportunity to discuss issues such as regulatory uncertainty, financial technology, innovative products or services, regulatory sandboxes, no action letters, and other matters related to financial innovation with officials from the CFPB and state partners.
Following a public invitation by press release, all companies requesting to attend the joint office hours were accommodated. CFPB Director Kathleen L. Kraninger met with representatives from Plaid, Finicity, MX Technologies, Finnovation Squad, BlytzPay, Square Bank, Park Place Payments, Strivve & Lantern Credit. Bureau and state representatives met with additional companies during office hours.
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.