CSBS Unveils Streamlined Joint Exam For Payments Cos.

Law360 (September 15, 2020, 8:59 PM EDT) -- The Conference of State Bank Supervisors on Tuesday unveiled a new program that will allow payments companies operating nationally to replace state-by-state examinations with a single, joint exam, a move the organization said stands to yield benefits for both the regulators and the regulated.

The CSBS said its "one company, one exam" program, known as MSB Networked Supervision, will streamline regulatory requirements starting next year for more than six dozen payments and cryptocurrency companies that handle more than $1 trillion for customers each year.

Under the program, money services businesses operating in at least 40 states will be able to satisfy...

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