Four major U.S. financial regulators on Thursday announced their participation in the Global Financial Innovation Network (GFIN).
The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) made the announcement in a joint statement.
The GFIN was initially founded by 12 members and now includes 50 organizations. On the list are central banks, financial authorities, and other international organizations that seek to foster cooperation to support innovation.
“By promoting knowledge-sharing on innovation in financial services, U.S. members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability,” the agencies said in a joint statement.
Participating in the GFIN will enhance their ability to “encourage responsible innovation in the financial services industry,” they said.