State Banking Regulators Look To Help Fintech Follow Rules

Law360 (August 22, 2019, 4:19 PM EDT) -- The Conference of State Bank Supervisors has launched new tools to ease the burden on fintech companies looking to navigate the matrix of state-specific rules, with a portal to guide nonbank financial companies through state regulations and relevant exemptions, the group said Wednesday.

The new tools are part of the CSBS' Vision 2020 plan, the group's effort to provide consistency across money services business licensing and oversight requirements that vary by state. The cost and time it takes to register to do business in all relevant states in which a nonbank entity, often a fintech company, wants to engage can create...

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