CFPB, OCC to host virtual innovation office hours
Like so many shops connected with auto financing, federal regulators are working in virtual environments, too.
Just before the holiday weekend, the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) announced they will host joint, virtual innovation office hours later this month as part of the American Consumer Financial Innovation Network (ACFIN).
The agencies explained participants will have the opportunity to discuss issues that touch upon both consumer protection and prudential regulation during the virtual gatherings set for July 29-30.
Office hours are one-on-one meetings with representatives from the OCC and CFPB Offices of Innovation to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in financial services. Each meeting will last no longer than one hour.
Officials said interested parties should request a virtual office hours session by July 17 via this website. They are asked to provide information on the topic(s) they are interested in discussing with the Offices of Innovation. Specific meeting times and arrangements will be determined after the OCC and CFPB receive and accept the request.
The CFPB, along with its state partners, launched ACFIN last year to enhance coordination among federal and state regulators as it relates to innovation and to further objectives such as consumer access, competition and financial inclusion.
Additionally, ACFIN provides a platform for members to share information to facilitate coordination on innovation policies and programs. In addition to the CFPB and OCC, ACFIN members include the attorneys general from Alabama, Alaska, Arizona, Colorado, Georgia, Indiana, Ohio, South Carolina, Tennessee and Utah along with state financial regulators from Florida, Georgia, Missouri, Ohio, Utah, Tennessee and Wyoming.
ACFIN membership is open to any state and federal partners interested in joining, according to officials.