Attorney General Curtis Hill is one of the first state AGs in the nation to join a pro-business, pro-consumer and pro-innovation network launched this month by the federal Consumer Financial Protection Bureau (CFPB).
The American Consumer Financial Innovation Network (ACFIN) will encourage competition, consumer access and financial inclusion by helping ensure regulatory certainty for innovators.
“Strong partnerships are essential to the process of developing effective public policy,” Attorney General Hill said. “States need to collaborate with one another, and they need to collaborate with federal agencies. This network provides a venue for doing exactly that as we all work to adequately address fast-changing technologies and market innovations.”
The CFPB has invited all state regulators to join the network. Besides Attorney General Hill, other initial members of the ACFIN are the attorneys general of Alabama, Arizona, Georgia, South Carolina, Tennessee and Utah.
“Federal and state coordination promotes consistency in the regulation of consumer financial products and services while facilitating consumer-beneficial innovation,” said Consumer Financial Protection Bureau Director Kathleen L. Kraninger. “ACFIN will provide a platform for federal and state regulators to coordinate with each other as they develop new rules of the road and apply existing ones. This coordination can provide greater regulatory certainty across jurisdictions and allow regulators to keep pace with market developments.”