Recent statements about money transmission in the United States have perpetuated myths about consumer protections and the safety and soundness of this vibrant, secure, and trusted part of our country’s payments ecosystem. It is time that we dispel some of these myths by explaining the realities of the state-developed, nationwide framework for regulation, licensing, and supervision of money transmission. While
Download the Full Letter [PDF] Via Electronic Submission The Honorable Scott Bessent Secretary of the Treasury United States Department of the Treasury 1500 Pennsylvania Ave NW Washington, D.C. 20220 Dear Secretary Bessent: The Conference of State Bank Supervisors (“CSBS”) 1 and the National Association of State Credit Union Supervisors (“NASCUS”) 2 (collectively, “state regulators”) write to express our deep support
Download the Full Comment Letter [PDF] The Honorable French Hill Chairman Committee on Financial Services U.S. House of Representatives Washington, D.C. 20515 The Honorable Maxine Waters Ranking Member Committee on Financial Services U.S. House of Representatives Washington, D.C. 20515 Dear Chairman Hill and Ranking Member Waters, On behalf of the Conference of State Bank Supervisors (CSBS), I appreciate the opportunity
Washington, D.C. – Today, Conference of State Bank Supervisors (CSBS) Board Chair Charlie Clark, Director of the Washington State Department of Financial Institutions, and Chair-elect Tony Salazar, Commissioner of Maryland’s Office of Financial Regulation, met with leadership from several national consumer advocacy organizations to discuss 2025 CSBS priorities, consumer protection, and financial access issues. CSBS Board members from numerous other
Washington, D.C. - CSBS President and CEO Brandon Milhorn remarked on the benefits of the dual banking system today in a keynote address at the Federal Reserve Bank of Atlanta’s annual banking outlook conference. Federal policy should respect local decision making and enable smaller institutions to serve their customers and communities. Milhorn called for federal policy that would reflect these
Statement from CSBS President and CEO Brandon Milhorn: “CSBS applauds the nomination of Governor Michelle Bowman to serve as the Vice Chairman for Supervision of the Federal Reserve Board of Governors. Governor Bowman has a wealth of supervisory and regulatory experience, from her roots in community banking to her focus at the Federal Reserve on appropriately tailored regulation for all
SES is an examination system built by state regulators for state regulators and the companies they supervise. The system connects agencies and companies in the examination process.
Keynote Remarks 2025 Fintech Conference: Bank-Fintech Partnerships|Distributed Ledger Technology|Regulation and Fintech Innovation Conference of State Bank Supervisors President and CEO Brandon Milhorn Federal Reserve Bank of San Francisco April 4, 2025 Thank you for that kind introduction. I would like to thank President Mary Daly and the San Francisco Fed for the opportunity to participate in this discussion of innovation