How consumers borrow, invest, store and send money is changing more rapidly than ever before, and the pace of that change is only set to accelerate. State regulators have always been responsive to changes in the industry, responding to innovations in banking and finance for over 100 years. But the changes affecting financial services in the past several years are unique. Companies and transactions are becoming faster, more complex and more interconnected than ever before.
So, state regulators adopted a dynamic and collaborative approach to supervision. Networked Supervision is designed to not just respond to changes in the industry, but to proactively improve supervisory tools before they’re needed and implement as they’re needed in each state.