Four U.S. regulators join global innovation network
Four U.S. financial regulators are joining the Global Financial Innovation Network, which consists of nearly 50 other international agencies trying to collaborate on the regulation of financial technology.
The Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Commodity Futures Trading Commission and the Securities and Exchange Commission announced Thursday they had joined GFIN.
In a joint statement, the regulators said their membership in the organization was part of an effort “to enhance regulatory clarity and understanding for all stakeholders and promote early identification of emerging regulatory opportunities, challenges, and risks.”
GFIN was officially launched in January 2019 with just over two dozen members and is primarily designed to allow regulators and financial tech innovators to communicate and share knowledge about the industry. Members include the Israel Securities Authority, Ontario Securities Commission, Bermuda Monetary Authority and more.
The four U.S. agencies followed the lead of the Consumer Financial Protection Bureau, which announced it would join GFIN back in August 2018, before the organization officially launched.