The Conference of State Bank Supervisors (CSBS) announced that 33 financial technology (fintech) companies will serve on the CSBS Fintech Industry Advisory Panel.
The panel brings together state regulators and industry leaders, who will identify ways to help modernize the state regulatory system. The representatives on the panel represent a range of companies – from start-ups to national brands.
“State regulators want to listen to fintech leaders, take action to make the multi-state experience as seamless as possible, and ensure consumers and local economies reap the benefits of innovation,” Albert Forkner, CSBS chairman and commissioner of the Wyoming Division of Banking, said. “At the same time, we will preserve the essential financial safeguards and local perspective provided by the state regulatory system.”
The advisory panel will have three working groups: money transmission and payments; lending; and community banking and innovation. Panel members and state regulators will discuss existing pain points and identify opportunities to improve multi-state licensing and supervision. The panel will kick off with a conference call later this month.
The panel is one key element of CSBS’ Vision 2020, a series of initiatives designed to forge an integrated, 50-state licensing and supervisory system for non-depository financial institutions, including fintechs, while ensuring safety and soundness and consumer protections.