June 21, 2012 – Deborah Bortner, Director of Non-Depositories at the Washington State Department of Financial Institutions, testified on behalf of the Conference of State Bank Supervisors (CSBS) before the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee on supervision of money services businesses (MSBs). In her testimony, Bortner summarized state efforts to supervise MSBs.
Bortner indicated states have been overseeing MSBs through licensing and by conducting on-site examinations for a number of years.
In addition, state regulators – through CSBS and the Money Transmitter Regulatory Association (MTRA) – are currently engaged in efforts to further enhance supervision of these entities. Read more