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CFPB, 11 foreign financial regulators planning global sandbox

The Consumer Financial Protection Bureau is working with 11 financial regulators and other organizations from other countries to launch a global sandbox for financial services and technology companies.

The CFPB's plan is to build a regulatory framework called the Global Financial Innovation Network to help companies cope with different rules and expectations in different countries as they expand globally, the bureau said.

The network will also encourage cooperation between financial services regulators on topics related to innovation. Companies will be able to conduct trials of cross-border services or products under the program.

The announcement follows an initial white paper on the idea of a "global sandbox," led by the U.K.'s Financial Conduct Authority in February. Around 50 responses were received to the earlier paper and supported the idea of regulators collaborating on the matter.

The CFPB is asking for feedback on the idea by Oct. 14.