CSBS issues Accountability Report on fintech initiatives
Washington, DC – The Conference of State Bank Supervisors (CSBS) released an accountability report charting progress made on a series of initiatives to streamline state licensing and supervision of financial technology companies. This work is part of CSBS Vision 2020, a bundle of initiatives driving toward a networked system of nonbank licensing and supervision.
The CSBS Fintech Industry Advisory Panel was convened more than two years ago to identify challenges and make recommendations to strengthen and streamline state regulation. In February 2019, CSBS publicly released those recommendations and committed to concrete actions. Today’s report details progress on initiatives identified by the industry panel.
John Ryan, CSBS president and CEO: “This process of reimagining nonbank financial services regulation creates a stronger supervisory system where innovation can thrive while consumer protection is paramount. Today’s report demonstrates state regulators’ commitment to accountability and transparency through these systemic changes.”
The 11 commitments largely fit into four focus areas:
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