Skip to main content

The Examiner

“I should be sorry if I only entertained them. I wish to make them better.”
– George Frideric Handel, whose opera "Siroe, re di Persia" premiered in London on this date in 1728

Simply Soundbite: What Does "Fintech" Even Mean?

Guest: Margaret Liu, CSBS Senior Legislative Vice President & Deputy General Counsel
Host: Matt Longacre

We talk with CSBS Senior Legislative Vice President and Deputy General Counsel Margaret Liu and try to define exactly what everyone means when they call a company a "fintech."


  • 0:28 - Defining the term "Fintech."
  • 1:32 - Using underlying business models to identify FinTechs
  • 3:50 - Technological change and the challenge to incumbents
  • 5:24 - The regulator response to Fintechs

Back to Top

    SES In the Media

    A Revolution in Supervision – The American Banker and others covered the nationwide release of the State Examination System.

    “The SES will have the greatest impact after a company is licensed and they have to confront how they will be regulated by each of the separate states,” said Charles Clark, director of the Washington State Department of Financial Institutions. “SES holds great promise to make that much better harmonized and efficient so that the states are better communicating; it's easier for the company to participate in the exam; and they will better coordinate the actual exam functions. It’s going to eliminate a lot of the redundancy that we currently see in the system.”

    Back to Top

    ICYMI: Simply Stated #18 - Revolutionizing the Supervision of Fintechs & Nonbanks

    Interviewer: Matt Longacre
    Guest: CSBS President and CEO John Ryan


    • 2:38 - What is a "Networked System of Supervision?"
    • 4:28 - Before NMLS and "Regtech," Where Did Gaps Exist?
    • 8:06 - What Recent Developments Have Enhanced the Network of Supervision?
    • 9:35 - What does NMLS Solve? What Does SES Solve?
    • 13:16 - How Data Drives Supervision
    • 14:25 - Why Build These Systems?
    • 16:05 - What Will an Exam Look Like in the Near Future? 

    Right now, in San Francisco, over 800 people have gathered for the 2020 NMLS Conference. The system, initially designed to handle all the work that goes into licensing mortgage loan originators, is now used for all sorts of nonbank financial companies.

    This conference attracts everyone in the nonbank space. State regulators, federal regulators, licensees, the press... And the meeting serves as a forum to discuss what's new in licensing and compliance. It's all centered around this platform - NMLS.

    That's because NMLS revolutionized how companies got licensed. It sped up the time for approval, it made it easier to get licenses in multiple states and even made completing the test you take to get a license way more straightforward.

    This year, there's some big news coming out of the conference. An entirely new piece of tech - the State Examination System - seems poised to revolutionize how regulators examine - or "check in" - on these companies.

    All of this is a big push for a more "networked system of supervision." 

    Today, I sit down with CSBS President and CEO John Ryan to talk about this concept. What does a "networked system of supervision" look like for nonbanks? What is the vision for a fully tech-enabled world of compliance? What is a day going to look like in the life of an examiner?

    Back to Top

    1129 20th Street, N.W., 9th Floor, Washington, DC 20036 | Tel. 202.296.2840 | Fax. 202.296.1928