State Regulators Take First Step to Standardize Money Services Licensing for Fintech Companies
By: V. Gerard Comizio, Nathan S. Brownback
The Conference of State Bank Supervisors recently announced that as part of its Vision 2020 plan for Fintech Regulation, seven states have agreed to a multi-state compact (“Compact”) that standardizes the licensing process for financial technology (“fintech”) and non-bank companies subject to state money services businesses laws.
The implications of the Compact are important for non-bank financial companies engaged in fintech related businesses, as well as financial institutions and other investors that partner with, or otherwise invest in, fintech firms.
