Seeks Industry Participation in Vision 2020 Initiative
Washington, D.C. — The Conference of State Bank Supervisors (CSBS) is seeking representatives from the financial technology sector who wish to serve on a new advisory panel with state regulators. Beginning today, representatives can express their desire to serve on the CSBS Fintech Industry Advisory Panel by logging onto an online portal and providing a statement of interest along with basic information about their company. CSBS will keep the portal open until Friday, July 28th. Final Panel members will be determined after a short review by state regulators.
The advisory panel will discuss existing pain points in multi-state licensing and supervision, brainstorm possible solutions, and provide feedback to ongoing state initiatives. The first meeting is anticipated to convene this fall.
Albert Forkner, chairman of CSBS and commissioner of the Wyoming Division of Banking, said: “Through the CSBS advisory panel, state regulators are seeking industry partners to help achieve a common goal: modernize state financial regulation for fintech firms and other financial service providers. If we succeed, then we will see more businesses producing more innovations for more consumers – all in a safe and sound manner.”
The advisory panel is one part of CSBS’ Vision 2020, a series of initiatives designed to forge an integrated, 50-state licensing and supervision system that removes friction experienced by fintechs, while ensuring safety and soundness and strong consumer protections.
For the advisory panel, CSBS seeks representatives from a wide range of industries, including but not limited to money services businesses, consumer credit providers, mortgage loan originators, debt collectors, bank services companies, and banks. Those considering expressing an interest can find more information about the advisory panel here.