The Conference of State Bank Supervisors (CSBS) thanks the House Financial Services Task Force on Financial Technology for convening this important hearing entitled “License to Bank: Examining the Legal Framework Governing Who Can Lend and Process Payments in the Fintech Age.” CSBS is the nationwide organization of banking regulators from all 50 states, the District of Columbia, Guam, Puerto Rico, American Samoa and the U.S. Virgin Islands. CSBS was established in 1902 to support and improve the dual banking system by bringing state banking regulators together and promoting state-federal regulatory coordination.
State regulators charter and supervise 79 percent of all U.S. banks and are the primary regulators of a diverse range of nonbank financial services providers, including mortgage lenders, money transmitters and consumer lenders. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System (NMLS), a regulatory licensing platform for state-licensed nonbank financial services providers in the money services, mortgage, consumer finance and debt industries. Read the complete article HERE.