The Conference of State Bank Supervisors (CSBS) has published an accountability report
detailing the progress of its Fintech Industry Advisory Panel in streamlining state licensing and supervision of financial technology companies.
This endeavor is part of the CSBS Vision 2020, an initiative designed to create a networked system of nonbank licensing and supervision. The new five-page report highlighted 11 commitments related to the use of CSBS regulatory technology for licensing and exams, creating a consistent environment among the states, creating uniform definitions and practices and increasing transparency in the regulatory process.
“This process of reimagining nonbank financial services regulation creates a stronger supervisory system where innovation can thrive while consumer protection is paramount,” said John Ryan, CSBS president and CEO. “Today’s report demonstrates state regulators’ commitment to accountability and transparency through these systemic changes.”