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2013 Press Releases
Register Now for the 2013 NMLS Annual Conference and Training
New SAFE MLO Test with Uniform State Component to Start April 1
Statement on CFPB Mortgage Servicing Transfer Bulletin
State Regulators Support CFPB’s Small Creditor Proposal under Ability to Repay
Missouri Division of Finance Receives Re-Accreditation
Multi-State Mortgage Committee Issues 2012 Annual Report to State Regulators
Three Appointed to FFIEC State Liaison Committee
New SAFE MLO Test with Uniform State Content Now Available
CSBS Proposes CFPB Adopt a Rural Designation Petition Process
State Bank Regulators Support Bill Restricting Online Payday Lending
Chairman of FFIEC State Liaison Committee Announced
Federal Reserve, CSBS To Host Community Banking Research Conference
Federal Reserve’s Foreign Bank Proposal Should Further Contemplate Existing State Supervision
Lawson Appointed to FFIEC State Liaison Committee
CSBS Releases 2012 Annual Report
James M. Cooper Named CSBS Senior Vice President
CSBS Announces 2013-2014 Board & Officers
CSBS and CFPB Sign Supervisory Framework
CSBS Immediate Past Chairman Calls for Balanced Financial Supervision
New CSBS Chairman Outlines Priorities
CSBS Warns Against Costly and Burdensome Accounting Standards
FFIEC Forms Cybersecurity and Critical Infrastructure Working Group
State Regulator Testifies on the Perils of One-Size-Fits-All Supervision
Ten More States to Use Uniform Mortgage Test; 30 States Now Using the Test
Approach to Basel III Respects Industry Diversity
NMLS 2013 State, Federal Mortgage Industry Reports Released
Michael J. Belak Named CSBS Vice President
North Dakota Banking Department Maintains Highest Standards in Bank Supervision
Iowa Division of Banking Receives Bank Re-accreditation
CSBS Supports Appointment of Steve Antonakes as CFPB Deputy Director
Oct. 2-3 Fed/CSBS Community Banking Research Conference To Be Broadcast Live from St. Louis
H. Catherine Woody Promoted to Vice President, Media & Industry Relations
Five More States to Use Uniform Mortgage Test; 35 States Now Using the Test
Federal Reserve and CSBS Release 2013 Community Banking Report
Georgia Department of Banking and Finance Receives Re-accreditation
CSBS Highlights Fed Board’s Evolving Composition, Supervisory Role
Texas Department of Banking Receives Re-Accreditation
CSBS Announces Promotions in its Technology, SRR Divisions
President Should Consider Supervisory Experience When Filling Fed Board
States Look to Coordination and Existing Regulatory Framework to Oversee Virtual Currencies
State Regulators to Discuss 2014 Outlook in On-the-Record Session with Media
Michigan Department of Insurance and Financial Services Office of Banking Receives Re-Accreditation
CSBS White Paper Encourages Federal Policymakers to Right-Size Regulations
Nebraska Department of Banking and Finance Maintains Highest Standards of Bank Supervision
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Media Release

Conference of State Bank Supervisors
        1129 20th Street, NW, 9th Floor, Washington, DC, 20036

 States Look to Coordination and Existing Regulatory Framework to Oversee Virtual Currencies  

Washington, D.C. – David Cotney, Massachusetts Division of Banks Commissioner and Vice Chairman of CSBS, told U.S. Senators during a hearing on virtual currency today that state financial regulators have an established structure for the regulation and oversight of money transmitters and other money services businesses that offers an existing regulatory framework to supervise emerging payment technologies and alternative currencies.

In testimony before the Subcommittee on National Security and International Trade and Finance, and the Economic Policy Subcommittee of the U.S. Senate Banking Committee, Cotney said state regulators have long supervised money transmitters to protect consumers and preserve national security and law enforcement interests.  As technology has evolved to include mobile payments and digital commerce, he said state agencies are exploring the connection between existing money transmitter regulation and virtual currencies.

“To understand the opportunities and the risks presented with these evolving payment technologies, state regulators are monitoring new entrants into the digital market and they are actively engaged in discussions with industry, federal regulators and key stakeholders to determine the appropriate level of oversight and supervision for virtual currencies,” Cotney said. “Emerging payment technologies and alternative currencies are at their core about the electronic movement of other people’s money.  As such, state regulators view our responsibility as supervising in a manner that protects consumers and mitigates risks while not impeding industry innovation and flexibility.”

State agencies are working to expand upon an already existing and coordinated structure for the regulation and oversight of money transmitters and other money services businesses through the Nationwide Multi-State Licensing System (NMLS). NMLS has become an integral part of state supervision for a variety of non-bank financial services providers and has helped to promote trust, confidence and regulatory collaboration. 

“The states stand ready to work with our federal counterparts, as well as with representatives from industry and consumer groups, to seek opportunities for greater clarity and consistency and to allow for innovation in the payments systems,” said Cotney.  “We must work to both exploit the benefits and minimize the risks of such innovations.”

Cotney’s written testimony is available here.

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Media Contacts: 
Catherine Woody, Vice President of Media and Industry Outreach, or 202.728.5733
Rockhelle Johnson, Senior Manager of Communications, or 202.407.7156

The Conference of State Bank Supervisors (CSBS) is the nationwide organization of banking regulators from all 50 states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands.  State banking regulators supervise 5,230 state‐chartered financial institutions.  Further, most state banking departments also regulate a variety of non-bank financial services providers, including mortgage providers.  For more than a century, CSBS has given state supervisors a national forum to coordinate supervision of their regulated entities and to develop regulatory policy.  CSBS also provides training to state banking and financial regulators and represents its members before Congress and the federal financial regulatory agencies.


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