By Camila A. Connolly
On February 12, the Conference of State Bank Supervisors (CSBS) released its Fintech Industry Advisory Panel Recommendations. CSBS is a national organization of financial regulators from around the United States, Guam, Puerto Rico, American Samoa, and the US Virgin Islands. The recommendations are designed to improve the use of regulatory technology and harmonize regulatory standards throughout the United States. The recommendations include a plan to develop a model state law for MSBs and to standardize licensing requirements. The panel also recommended a pilot program for building a uniform state licensing examination. Overall, the recommendations seek to create uniformity in state FinTech licensing and regulation. To aid in the harmonizing process, the panel recommends creating repositories of the different state laws and licensing requirements so that financial companies can access all necessary regulations at once. CSBS includes these recommendations as part of a broader effort to streamline state FinTech regulation called Vision 2020. Read the full list of recommendations here.