The Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Securities and Exchange Commission have announced they are joining the Global Financial Innovation Network (GFIN).
The agencies say that US financial regulators have taken proactive steps in recent years to enhance regulatory clarity and understanding for all stakeholders and promote early identification of emerging regulatory opportunities, challenges, and risks. Participation in the GFIN furthers these objectives, they add, and enhances the agencies’ abilities to encourage responsible innovation in the financial services industry in the United States and abroad.
“By promoting knowledge-sharing on innovation in financial services, US members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability,” a statement says. “Participation in international organisations such as this helps US financial regulators represent the interests and needs of the nation and its financial services stakeholders.”
The agencies join 46 other financial authorities, central banks, and international organisations from around the globe that are members of the GFIN to foster greater cooperation among financial authorities on a variety of innovation topics, regulatory approaches, and lessons learned.