CSBS Launches New Tools for Fintech Firms
Earlier this week, the Conference of State Bank Supervisors (CSBS) announced three new tools aimed to help fintech firms “navigate the state regulatory system and protect against cyber risks.”
The tools include the following:
- A portal of state agency guidance for nonbank financial services companies
- An interactive map of agent-of-the-payee exemptions from money transmission laws
- A new cybersecurity 101 resource center for banks and nonbanks alike
CSBS president and CEO John Ryan has said that the tools are partly meant to help industry comply with state laws. “As financial services develop technology to provide innovative products, state regulators are bringing new tools online to help industry ensure compliance and protect consumer data.”
This announcement is a part of CSBS Vision 2020, which some experts feel is a response to potentially dwindling authority over non-bank financial institutions. Much of this was spurred by the Office of the Comptroller of the Currency’s announcement in late 2016 that it would pursue granting special purpose bank charters to fintech institutions.
For those interested in the new tools, please click here.