At a roundtable discussion on financial technology (fintech) held last week, Bryan Schneider, secretary of the Illinois Department of Financial and Professional Regulation, discussed the challenges and opportunities around fintech.
“Fintech is a growing and important part of the Illinois economy,” Schneider said. “And I am pleased to have hosted representatives from local and national payments and online lending companies, along with financial regulators from other states, last week to discuss the regulatory challenges and opportunities surrounding fintech.”
The event was hosted by the Illinois Department of Financial and Professional Regulation along with the Conference of State Bank Supervisors, FinTEx Chicago and 1871.
“During the roundtables we discussed how state financial regulators can work together to develop more uniform money transmission standards and multi-state licensing requirements, as well as a standard measure for state financial requirements, and a more streamlined multi-state application process,” Schneider said.
He said the state system would be well served by having a fintech advisory group to provide state regulators with advice and feedback on a broad range of important issues impacting fintech firms.
“State regulators are committed to making multi-state regulation as smooth a process as practical, promoting innovation while protecting consumers and taxpayers. Today’s meeting was an important step forward in that process,” Schneider said. “I truly appreciate the constructive dialogue and look forward to continued partnership with industry and other state regulators as we work to better integrate fintech in our financial system.”