CSBS Releases Plan to Streamline Fintech Regulation
February 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.
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.”
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