The newly created American Consumer Financial Innovation Network (ACFIN) is a partnership between the CFPB and various states. It is a network that promotes coordination among federal and state regulators in regards to financial innovation. While all states were invited to join, the initial members are the Attorneys General of Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee and Utah.

The participating states will share objectives such as competition, consumer access, and financial inclusion. The network will work to keep up with the ever-changing market to ensure they are free from fraud and deceptive practices. Director Kraninger said, “Federal and state coordination promotes consistency in the regulation of consumer financial products and services while facilitating consumer-beneficial innovation”. She went on to explain, “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. I will continue to work to encourage other state regulators to join this important new initiative that will foster collaboration among Federal and State regulators.” 

For more information on the ACFIN charter click here.