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 approximately 50 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 now participates in GFIN’s cross-border testing workstream, which helps firms simultaneously trial and scale new technologies in multiple jurisdictions. GFIN receives cross-border testing applications on a cohort basis. Please contact OfficeofInnovation@cfpb.gov for information on the next application window.

Full list of GFIN Membership