CSBS Announces Fintech Industry Advisory Panel
Today the Conference of State Bank Supervisors (CSBS) announced that 33 financial technology companies have agreed to serve on the CSBS Fintech Industry Advisory Panel. The panel brings together state regulators and industry leaders, who will identify ways to help modernize the state regulatory system.
Reflecting a high level of interest, state regulators accepted a large number of companies – from start-ups to national brands – representing different industry sectors, geography, and business models. A full list appears below. Check here for any additional companies.
Albert Forkner, CSBS chairman and commissioner of the Wyoming Division of Banking, said: “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 advisory panel will have three working groups: money transmission and payments; lending; and community banking and innovation. Panel members and state regulators will discuss existing pain points and identify opportunities to improve multi-state licensing and supervision. The panel will kick off with a conference call later this month.
The advisory panel is one key element of CSBS’ Vision 2020, a series of initiatives designed to forge an integrated, 50-state licensing and supervisory system for non-depository financial institutions, including fintechs, while ensuring safety and soundness and consumer protections.
CSBS Fintech Industry Advisory Panel members:
- Affirm, Inc.
- Alipay US
- Amazon Payments, Inc.
- BitPay, Inc.
- Circle Internet Financial, Inc.
- The Citizens Bank of Edmond
- Enova International (NetCredit & CashNetUSA)
- Envestnet | Yodlee
- First Data Corporation
- Funding Circle USA, Inc.
- Green Dot Corp
- IOU Financial
- LendUp, Inc.
- Microsoft Payments
- OnDeck Capital LLC
- OneMain Financial
- Oportun, Inc.
- Remitly, Inc.
- Servicio UniTeller, Inc.
- Social Finance, Inc./SoFi Lending Corp.
- Western Union