CFPB Launches American Consumer Financial Innovation Network
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.
Related Links
Keywords: Americas, US, Banking, ACFIN, Fintech, Financial Innovation, ACFIN Charter, CFPB
Previous Article
SRB Outlines Upcoming Changes in Context of CRR2 and BRRD2Next Article
EBA Updates Data on Deposit Guarantee Schemes in EURelated Articles
APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
PRA Finalizes Changes to Consolidated Prudential Rules Under CRD5/CRR2
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
EBA Finalizes Guidance to Assess Breaches of Large Exposure Limits
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
EBA Revises Guidelines on Stress Tests of Deposit Guarantee Schemes
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
HKMA Endorses Industry Guidance to Support LIBOR Transition
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
OCC Issues Booklet on Supervision of Problem Banks
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.
MAS Consults on Capital and Reporting Requirements for Market Risk
The Monetary Authority of Singapore (MAS) launched a consultation on the standards for market risk capital and the associated reporting requirements for banks incorporated in Singapore.
FDIC Announces Winners of Tech Sprint to Reach Unbanked Consumers
The tech lab of the Federal Deposit Insurance Corporation (FDIC) selected three winning teams in a tech sprint designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.
PRA Letter Sets Out Findings on Reliability of Regulatory Reporting
PRA published a "Dear CEO" letter that sets out findings of a review on the reliability of regulatory reporting and reiterates the supervisory expectations on regulatory reporting.
APRA Connect to Go Live; APRA to Reduce Reliance on CLF
The Australian Prudential Regulation Authority (APRA) confirmed that its new data collection solution APRA Connect will go live on September 13, 2021.
