The CFPB and the Colorado AG’s Office have announced they will hold joint virtual office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint virtual office hours will be held on December 2, 2020. CFPB Director Kraninger and Colorado AG Weiser will participate in this event.
The CFPB announced ACFIN’ s creation last year, 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.
In addition to the CFPB, according to the CFPB’s press release, ACFIN members include the Office of the Comptroller of the Currency plus the attorneys general from Alabama, Arizona, Colorado, Georgia, Indiana, Ohio, South Carolina, Tennessee, and Utah; and state financial regulators from Alaska, Colorado, Florida, Georgia, Missouri, Ohio, Tennessee, Utah, and Wyoming.
These joint office hours are intended to give companies pursuing innovation in consumer financial services the opportunity to discuss new financial technology and ideas for innovation to benefit consumers with officials from the CFPB, state attorneys general, and state regulators. The joint office hours with the CFPB and the Colorado AG’s Office are noteworthy in light of the Colorado AG’s true lender/Madden-based lawsuits against two fintechs, their partner banks, and other defendants, and the recent settlement resolving that litigation.
The CFPB’s announcement invites innovators to request a meeting and describe the topic(s) they would like to discuss during their virtual session. Requests must be received by November 23, 2020.