The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint office hours will be held on January 30, 2020 in Salt Lake City, Utah.
The CFPB announced ACFIN’s creation last September, in conjunction with finalizing revisions to its trial disclosures and no-action letter policies and its proposal to create a new fintech sandbox policy. ACFIN is a network of federal and state regulators that may include state attorneys general, state financial regulators, and federal financial regulators. Its stated objectives include establishing coordination among members to facilitate innovation, minimize regulatory burdens, and bolster regulatory certainty for consumer financial products and services. According to the Bureau’s press release, ACFIN’s members currently include attorneys general from Alabama, Alaska, Arizona, Colorado, Georgia, Indiana, South Carolina, Tennessee, and Utah, and state financial regulators from Florida, Georgia, Missouri, and Tennessee.
The joint office hours are intended to give innovators an opportunity to discuss issues such as financial technology, innovative products or services, regulatory sandboxes, no action letters, and other matters related to financial innovation with officials from the CFPB and state partners. Last June, Utah became the third state to create a regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in March 2018, and Wyoming, which enacted sandbox legislation in February 2019.