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State Regulators Release Recommendations to Streamline Oversight of FinTech

Monday, February 18, 2019   (0 Comments)
Posted by: Brittany Sawyer
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State Regulators Release Recommendations to Streamline Oversight of FinTech

 

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 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.

CLICK HERE for the press release. CLICK HERE for the full list of recommendations.



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