The Consumer Financial Protection Bureau (CFPB) and the Colorado Attorney General will hold joint virtual office hours on Dec. 2, 2020. The office hours are part of the American Consumer Financial Innovation Network (ACFIN), and “provide innovators with the opportunity to discuss issues such as financial technology, innovative products or services, and other matters related to financial innovation.”
CFPB Director Kathy Kraninger and Colorado Attorney General Philip Weiser will be participating in the event.
“The coordination between federal and state partners to promote consumer-beneficial innovation is invaluable to ensuring consumers are protected in the marketplace,” Kraninger said in a release. “Office hours hosted by ACFIN have provided the bureau and our state partners with first-hand knowledge of the issues that innovators and consumers are confronting, as well as identifying potential solutions that are needed. I look forward to hosting office hours with Attorney General Weiser and discussing ways that we can continue to work together on behalf of consumers.”
ACFIN was launched last year by CFPB and state partners to enhance coordination among different levels of regulators as it relates to innovation and to further objectives such as consumer access, competition, and financial inclusion, the release stated. 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.
“Innovation in the consumer financial arena holds out the promise for cheaper, fairer, and more accessible credit and banking opportunities,” Weiser said. “The Colorado attorney general’s office is committed to fostering creative and entrepreneurial approaches in this space that offer greater access to responsible credit and are consistent with our commitment to consumer protection. We appreciate the bureau’s leadership in forming ACFIN and facilitating federal-state partnership.”