By Chris Bruce
Amazon’s payment unit will help advise state bank regulators on financial technology questions and how to modernize the state bank regulatory system, the Conference of State Bank Supervisors said Oct. 19.
The CSBS, which represents state regulators in all 50 states, Washington, D.C., and all U.S. territories, said Amazon Payments Inc. and 32 other companies will serve on its Fintech Industry Advisory Panel, which will advise the CSBS on matters involving nondepository financial institutions, including fintech companies.
Other companies on the panel include Affirm, Inc., Avant, BitPay, Inc., Kabbage, LendingClub, Microsoft Payments, OnDeck Capital, PayPal, Social Finance, Inc. (SoFi), and Western Union.
The advisory panel, which will start its work with a conference call later this month, will have three working groups: money transmission and payments; lending; and community banking and innovation.
Albert Forkner, CSBS chairman and commissioner of the Wyoming Division of Banking, said the panel will help ease fintech operations across state lines.
“State regulators want to listen to fintech leaders, take action to make the multi-state experience as seamless as possible, and ensure consumers and local economies reap the benefits of innovation,” he said in a statement. “At the same time, we will preserve the essential financial safeguards and local perspective provided by the state regulatory system.”
Creation of the advisory panel is the latest move in connection with Vision 2020, a series of CSBS initiatives aimed at building an integrated, 50-state system aimed at licensing and supervising for fintech companies and other such firms while staying focused on consumer protection and safety and soundness.
To contact the reporter on this story: Chris Bruce in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Ferullo at MFerullo@bna.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)