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Payments & FinTech Lawyer

The US Conference of State Bank Supervisors ‘Vision 2020’ initiative

On 6 February 2018, the Conference of State Bank Supervisors (‘CSBS’) announced that seven US states have reached an agreement to enter into a multi-state compact to standardise key elements of the US licensing process for money services businesses. While still a far cry from a harmonised system, this demonstrates that state regulators have heard the complaints of FinTech companies and others, and are moving to address them. Erin Fonté, Member of the Payments & FinTech Lawyer Editorial Board, and Brenna McGee, both of Dykema, discuss the multi-state compact and its limitations, whilst reviewing the ongoing pursuit of a FinTech charter or a state industrial loan company (‘ILC’) charter as a viable path for entry into the US market. Erin and Brenna believe that ultimately what the CSBS hopes to achieve - even if it has not explicitly said so - is a system of licensing reciprocity like that which currently exists in Europe, which would enable a FinTech company to become licensed in just one state, with the ability to ‘passport’ that licence to all other states under reciprocity. However, despite the progress being made in the US, such state reciprocity remains a lofty goal.

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