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State regulators build fintech alliance

CSBS continues effort to adapt state financial regulation to next-gen finance

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State regulators have reached out to the fintech fraternity. State regulators have reached out to the fintech fraternity.

State banking officials’ trade group—the Conference of State Bank Supervisors—appointed 33 fintech companies to its new Fintech Industry Advisory Panel.

The panel members range from cryptocurrency firms to marketplace lenders to Amazon.

Formation of the committee is one of several steps the group has been taking to bring state bank regulation into the fintech age. CSBS is among those organizations that have sued to put a halt to the development of the fintech charter proposed but not yet finally adopted by the Office of the Comptroller of the Currency, the chartering agency for national banks.

Addressing fintech’s “pain points”

Part of the impetus for the CSBS overall effort are complaints by fintech companies that taking the state financial services route means applying for licensing in every state and abiding by as many different sets of rules. Formation of the committee is an element of the organization’s Vision 2020 project. LINK:

“Panel members and state regulators will discuss existing pain points and identify opportunities to improve multi-state licensing and supervision,” said Albert Forkner, CSBS chairman, in a statement. Forkner is commissioner of the Wyoming Division of Banking.

The advisory panel will form three working groups. These include money transmission and payments; lending; and community banking and innovation.

Of the federal banking agencies the Comptroller’s Office has taken the lead, publicly, in cultivating the fintech community through its Office of Innovation. However, OCC does not have a formal advisory group such as this. [Read “OCC office builds fintech dialog”]

Panel member companies listed

CSBS Fintech Industry Advisory Panel members include:

1. ACTIMIZE

2. AFEX

3. Affirm, Inc.

4. Alipay US

5. Amazon Payments, Inc.

6. Avant

7. BitPay, Inc.

8. Circle Internet Financial, Inc.

9. The Citizens Bank of Edmond

10. Common Bond

11. Enova International (NetCredit & CashNetUSA)

12. Envestnet | Yodlee

13. First Data Corporation

14. Funding Circle USA, Inc.

15. Green Dot Corp

16. IOU Financial

17. Intuit

18. Kabbage

19. LendingClub

20. LendingHome

21. LendUp, Inc.

22. LibertyX

23. Microsoft Payments

24. OnDeck Capital LLC

25. OneMain Financial

26. Oportun, Inc.

27. PayPal

28. Remitly, Inc.

29. Ripple

30. Seed

31. Servicio UniTeller, Inc.

32. Social Finance, Inc./SoFi Lending Corp.

33. Western Union

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