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Financial Services Law Insights and Observations

CSBS announces single exam for money transmitters

State Issues Money Service / Money Transmitters State Regulator Examination Supervision Vision 2020 Licensing CSBS Fintech

State Issues

On September 15, the Conference of State Bank Supervisors (CSBS) announced the launch of a single, streamlined examination for money transmitters operating nationwide (i.e., in 40 or more states), known as “MSB Networked Supervision.” The single exam—which will apply to “78 of the nation’s largest payments and cryptocurrency companies”—will be led by one state overseeing a group of examiners sourced from around the country. MSB Networked Supervision is a result of recommendations from the CSBS Fintech Industry Advisory Panel and CSBS Vision 2020 (covered by InfoBytes here).

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