Updates

CSBS to OCC: Fintech Charter Lacks Legal Authority

Washington, D.C. — Conference of State Bank Supervisors (CSBS) President and CEO John W. Ryan issued the following statement today in response to comments made today by Keith Noreika, Acting Comptroller of the Currency (OCC), on national bank charters for non-banks. “CSBS continues to believe that the OCC’s proposed fintech charter lacks legal authority. Legal … Continue reading CSBS to OCC: Fintech Charter Lacks Legal Authority

Louisiana Regulator to Guide Nationwide Licensing and Supervision System for Fintechs and Other Non-Banks

Washington, D.C. – John Ducrest, commissioner of the Louisiana Office of Financial Institutions, has been named the new chairman of the Board of Managers of the State Regulatory Registry. The Registry, a subsidiary of the Conference of State Bank Supervisors (CSBS), manages the business operations of the Nationwide Multistate Licensing System (NMLS). NMLS is the … Continue reading Louisiana Regulator to Guide Nationwide Licensing and Supervision System for Fintechs and Other Non-Banks

CSBS Statement on New York Department of Financial Services Lawsuit Against OCC

Washington, D.C. -- Conference of State Bank Supervisors President and CEO John W. Ryan issued the following statement today in response to the New York Department of Financial Services lawsuit against the Office of the Comptroller of the Currency (OCC), which challenges the OCC’s authority to create a special-purpose national bank charter for fintech and … Continue reading CSBS Statement on New York Department of Financial Services Lawsuit Against OCC

CSBS Files Complaint Against Comptroller of the Currency

Washington, D.C. – The Conference of State Bank Supervisors (CSBS) announced today it has filed a complaint in the United States District Court for the District of Columbia against the Office of the Comptroller of Currency (OCC). The complaint seeks to prevent the agency from moving forward with an unlawful attempt to create a national … Continue reading CSBS Files Complaint Against Comptroller of the Currency

Comment Letter: OCC Fintech Charter “Fatally Flawed.”

CSBS sent the OCC a comment letter in response to its proposed guidelines for Evaluating Charter Applications From Financial Technology Companies, which reiterates that state regulators remain firmly opposed to the proposed national nonbank charter.  The letter refers to previous comment letters stating that the charter would be an unprecedented, unlawful expansion of the OCC’s … Continue reading Comment Letter: OCC Fintech Charter “Fatally Flawed.”

Op-Ed: “Bank Regulator to Fintechs: We Hear You”

Secretary of the Illinois Department of Financial and Professional Regulation Bryan A. Schneider writes for the American Banker: The intersection of financial services and technology is rapidly changing the lives of citizens in my home state of Illinois and across our country. Potential homeowners can now apply for a mortgage on their phone and get an … Continue reading Op-Ed: “Bank Regulator to Fintechs: We Hear You”

CSBS Urges Congress to Weigh in Against OCC Non-Bank Charter

 “A Solution in Search of a Problem” Statement from John W. Ryan, President and CEO, Conference of State Banking Supervisors (CSBS), in response to the Office of the Comptroller of the Currency (OCC) decision to move forward with creating national bank charters for financial technology companies and other non-banks, and begin considering applications. “Today’s announcement … Continue reading CSBS Urges Congress to Weigh in Against OCC Non-Bank Charter

Op-Ed: Reg-Tech Is One Answer to Fintech

Texas Banking Commissioner and CSBS Chairman Charles Cooper writes in The Hill: In the public policy debate over how to best regulate financial technology firms, technology itself is one good solution. Today, state regulators apply enhanced regulatory technology (RegTech) to FinTech. It is called the Nationwide Multistate Licensing System (NMLS), which we use to license … Continue reading Op-Ed: Reg-Tech Is One Answer to Fintech

Illinois Promotes Streamlined Multi-state Fintech Process

Statement on the Illinois Fintech Regulatory Roundtables Bryan A. Schneider Secretary, Illinois Department of Financial and Professional Regulation The Illinois Department of Financial and Professional Regulation hosted two fintech roundtables last week co-hosted by the Conference of State Bank Supervisors, FinTEx Chicago and 1871. The following is a statement by Bryan A. Schneider, Secretary of … Continue reading Illinois Promotes Streamlined Multi-state Fintech Process