CSBS Deploys New Fintech Tools for Industry
Washington, D.C. – The Conference of State Bank Supervisors (CSBS) today launched three new online tools so industry can more easily navigate the state regulatory system and protect against cyber risks.
- A portal of state agency guidance for nonbank financial services companies
- An interactive map of agent-of-the-payee exemptions from money transmission laws
- A new cybersecurity 101 resource center for banks and nonbanks alike
John Ryan, CSBS president and CEO: “As financial services develop technology to provide innovative products, state regulators are bringing new tools online to help industry ensure compliance and protect consumer data.”
The tools are part of CSBS Vision 2020, a roadmap of initiatives to modernize nonbank licensing and supervision, and the first two respond to formal recommendations made earlier this year by the CSBS Fintech Industry Advisory Panel.
The state guidance portal, found here, will help nonbanks stay current with state regulatory guidance.
The map for what is known as the agent-of-the-payee exemptions, found here, identifies states that do not require a money transmitter license for receiving a payment on behalf of a third party. The map includes state-by-state summaries of exemption requirements.
The cybersecurity 101 resource center, found here, features a non-technical guide and related information to help financial institutions develop comprehensive cybersecurity programs.
Media Contact: Catherine Pickels, 202-728-5734, firstname.lastname@example.org
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