State Bank Supervisors Seek Input On Model Payments Law

Law360 (October 10, 2019, 8:23 PM EDT) -- The Conference of State Bank Supervisors has asked the payments industry to weigh in on proposed model legislation that could drive the standardization of state money transmission laws, the consortium of banking regulators said in a statement Thursday.

Standardizing money transmission laws and payments regulations is a central facet of the the group's Vision 2020 initiative, an effort to provide consistency across money services business licensing and oversight requirements that vary by state.

The comment period for the proposed language ends Nov. 1. The CSBS is composed of financial regulators from all 50 U.S. states, Washington, D.C., Guam, Puerto Rico, American...

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