Analysis

States' Model Payments Law May Ease Entry For Fintechs

Law360 (June 14, 2019, 10:38 PM EDT) -- State banking regulators are collaborating on a uniform model payments law that would facilitate compliance with different state rules, and in the absence of federal government action, some attorneys say the effort could benefit fintech companies by providing multistate consistency.

As companies await a decision on the viability of the Office of the Comptroller of the Currency's fintech charter, the Conference of State Banking Supervisors has charged ahead with an initiative to address numerous pain points in state banking regulations. Through its Vision 2020 plan, the group hopes to provide consistency across money services business licensing requirements that vary by state....

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