February 7, 2018
Greg Hesse speaks with Crowdfund Insider on the announcement by the Conference of State Bank Supervisors (CSBS) that it will streamline the licensing process for Fintech firms in the United States. Greg explains the restrictions within the federal system, which gives the states the authority to regulate Fintechs. Greg says, “Non-bank financial services are one area in which the federal government has historically abstained from regulating. As a consequence, the states have stepped in to fill the void by regulating non-bank money service businesses.” Greg points out that, “the requirement to obtain licenses and submit to examinations in each state can be burdensome” but the new process is indicative of the states becoming responsive to these concerns.
Read State Bank Regulators Take Step Forward to Streamline Licensing Process for Fintechs. Is this a Good Thing?, Crowdfund Insider, February 7, 2018.