CFPB, in partnership with multiple state regulators, launched the American Consumer Financial Innovation Network (ACFIN). ACFIN is intended to enhance coordination among federal and state regulators to facilitate financial innovation.
ACFIN is intended to promote regulatory certainty for innovators and to keep pace with market innovations while helping to ensure they are free from fraud, discrimination, and deceptive practices. As a result of this partnership, ACFIN members will share information to facilitate coordination among the members and coordinate on innovation-related policies and programs. The members will meet at least once a year in an agreed-upon location and will confer via phone at least quarterly. CFPB also published the ACFIN Charter.
Keywords: Americas, US, Banking, ACFIN, Fintech, Financial Innovation, ACFIN Charter, CFPB
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BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.