The Consumer Financial Protection Bureau is joining a cooperative of global regulators intended to bring more international collaboration to the regulation of fintech firms.
The bureau on Tuesday announced the creation of the Global Financial Innovation Network for regulators to discuss joint policy work and offer a cross-border product testing process for innovation-focused companies.
The CFPB said is it working in collaboration with 11 financial regulators and "related organizations." It is the only U.S. regulator involved in the network so far.
The CFPB—as part of the larger working group—is seeking feedback on the consultation document. Comments are due by October 14 and may be submitted through the bureau's office of innovation. Read the consultation document.
Read more from the American Banker.