Washington, D.C. –The Conference of State Bank Supervisors (CSBS) today announced the formation of the Emerging Payments Task Force to study changes in payment systems to determine the potential impact on consumer protection, state law, and banks and non-bank entities chartered or licensed by the states.
The Task Force will take a comprehensive approach to studying the changing payment systems, including virtual currencies and other innovations. The Task Force will engage with a broad range of stakeholders – including fellow state regulators, federal regulators, industry participants, and other experts – to understand how new entrants and technologies affect the stability of payment systems and the broader financial marketplace and to develop ideas for connecting the emerging payments landscape to the financial regulatory fabric.
“State regulators welcome a robust and focused dialogue about the benefits and risks of innovations to payment systems,” said CSBS Chairman and Kentucky Department of Financial Institutions Commissioner Charles A. Vice. “We seek an environment where technological innovation can be developed, but also regulated in a clear manner.”
“State regulators have proactively established the Task Force to develop and implement a strategy to coordinate state regulatory oversight of emerging payment systems,” said CSBS President and CEO John W. Ryan. “As regulators of a diverse range of financial services providers, state regulators bring a unique perspective on the opportunities and risks that must be understood in order to preserve marketplace stability while supporting constructive innovation,” said Ryan.
Chairman Vice has appointed Massachusetts Commissioner of Banks David J. Cotney to serve as chairman of the Task Force. “David is an experienced, thoughtful, and pragmatic regulator. He is the right person to lead this effort on behalf of the state system,” stated Vice.
The Task Force is comprised of nine state regulators:
- David J. Cotney, Commissioner of Massachusetts Division of Banks.
- Jan Lynn Owen, Commissioner of California Department of Business Oversight.
- Drew J. Breakspear, Commissioner of Florida Office of Financial Regulation.
- Kevin B. Hagler, Commissioner of Georgia Department of Banking and Finance.
- Benjamin Lawsky, Superintendent of New York State Department of Financial Services.
- Greg Gonzales, Commissioner of Tennessee Department of Financial Institutions.
- Charles G. Cooper, Commissioner of Texas Department of Banking.
- G. Edward Leary, Commissioner of Utah Department of Financial Institutions.
- Scott Jarvis, Director of Washington Department of Financial Institutions.