Skip to main content

CSBS Releases Plan to Streamline Fintech Regulation

Phil Hall
Feb 14, 2019
The Conference of State Bank Supervisors (CSBS) has released a series of action items designed to streamline the multistate experience of fintechs and other non-banks that operate on either a regional or national basis

The Conference of State Bank Supervisors (CSBS) has released a series of action items designed to streamline the multistate experience of fintechs and other non-banks that operate on either a regional or national basis.
 
Among the recommendations put forth by the CSBS Fintech Industry Advisory Panel are the development of a 50-state model law to license money services businesses, the creation of a standardized call report for consumer finance businesses, the creation of an online database of state licensing and fintech guidance, the creation of a high-tech State Examination System that would simplify examinations of nonbanks operating in more than one state, and the expansion of the Nationwide Multistate Licensing System among all state regulators and to all nonbank industries supervised at the state level.
 
“As regulators overseeing nonbanks, our goals are clear: ensure the safety and soundness of the financial system, protect consumers, and streamline the multistate experience,” said Mark Quandahl, Chairman of the CSBS Emerging Payments & Innovation Task Force and director of the Nebraska Department of Banking and Finance. “The Fintech Industry Advisory Panel has developed actionable items for us; we embrace these recommendations, and we are now focused on implementation.”

 
Published
Feb 14, 2019
More from
Tech
UWM Announces 3 New Tools For Brokers

Lender introduces UClose 3.0, TRAC, and Safe Check

Tech
Oct 03, 2022
Real Estate Tech Firm WEST Rebrands to MyHome

Company takes the name of its signature platform, which was launched in 2015.

Tech
Oct 03, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
The Real Brokerage Acquiring LemonBrew Lending For $1.25M

Real said the acquisition marks the next step in its strategy to develop a seamless end-to-end home buying experience.

Tech
Sep 26, 2022
Guaranteed Rate Launches Spanish Language Mortgage Program

The expanded Language Access Program (LAP) delivers every step and communication in Spanish.

Tech
Sep 22, 2022
Maxwell Aims To Extend An Arm To Hispanic Buyers

New point of sales platform makes mortgage process automatically bilingual.

Tech
Sep 20, 2022