The Conference of State Bank Supervisors has formed a “Fintech Industry Advisory Panel” that convenes state regulators as well as industry stakeholders and leaders “who will identify ways to help modernize the state regulatory system,” the board of supervisors said. The panel is composed of 33 companies and its creation is part of a “Vision 2020 Modernization” initiative.
Albert Forkner, chairman of the CSBS and commissioner of the Wyoming Division of Banking, said that “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. At the same time, we will preserve the essential financial safeguards and local perspective provided by the state regulatory system.”
The formation of the panel, which includes start-ups as well as more established firms, comes as digital banking experiences a global makeover, which is partly driven by the growth of cross-border e-commerce.
The CSBS described the panel as “representing different industry sectors, geography and business models.”
“The advisory panel will have three working groups: money transmission and payments; lending, and community banking and innovation,” the CSBS said in a statement. “Panel members and state regulators will discuss existing pain points and identify opportunities to improve multistate licensing and supervision. The panel will kick off with a conference call later this month.”
The panel members include Actimize, AFEX, Affirm Inc., Alipay U.S., Amazon Payments Inc., Avant, BitPay Inc., Circle Internet Financial Inc., Green Dot Corp., Intuit, Kabbage, Microsoft Payments, PayPal and Western Union, among others.
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