ATLANTA — Georgia Attorney General Chris Carr announced this week that the state will join the Consumer Financial Protection Bureau’s American Consumer Financial Innovation Network.
The purpose of the ACFIN is to enhance coordination among federal and state regulators and facilitate financial innovation.
“As the legal advisor for the top state for business, our office is proud to be at the forefront in protecting consumers and identifying and reducing unnecessary regulatory burdens for companies,” Carr said in a news release. “We believe our participation in the American Consumer Financial Innovation Network will benefit Georgians, Georgia companies and our marketplace as a whole — allowing good companies with good ideas to thrive while still ensuring consumers remain protected.”
ACFIN will work to enhance shared objectives such as competition, consumer access and financial inclusion. Additionally, ACFIN will promote regulatory certainty for innovators, benefiting the U.S. economy and consumers alike.
The network also will seek to keep pace with market innovations and help ensure they are free from fraud, discrimination and deceptive practices.
“Federal and state coordination promotes consistency in the regulation of consumer financial products and services while facilitating consumer-beneficial innovation,” Consumer Financial Protection Bureau Director Kathleen L. Kraninger said. “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.”
The initial members of ACFIN are the attorneys general of Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee and Utah.
The Consumer Financial Protection Bureau is a 21st-century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary or unduly burdensome regulations, making rules more effective, consistently enforcing federal consumer financial law and empowering consumers to take more control over their economic lives.
For more information, visit consumerfinance.gov