Banking Exchange Magazine Logo

State regulators build fintech alliance

CSBS continues effort to adapt state financial regulation to next-gen finance

  • |
  • Written by  Website Staff
  • |
  • Comments:   DISQUS_COMMENTS
State regulators have reached out to the fintech fraternity. State regulators have reached out to the fintech fraternity.

State banking officials’ trade group—the Conference of State Bank Supervisors—appointed 33 fintech companies to its new Fintech Industry Advisory Panel.

The panel members range from cryptocurrency firms to marketplace lenders to Amazon.

Formation of the committee is one of several steps the group has been taking to bring state bank regulation into the fintech age. CSBS is among those organizations that have sued to put a halt to the development of the fintech charter proposed but not yet finally adopted by the Office of the Comptroller of the Currency, the chartering agency for national banks.

Addressing fintech’s “pain points”

Part of the impetus for the CSBS overall effort are complaints by fintech companies that taking the state financial services route means applying for licensing in every state and abiding by as many different sets of rules. Formation of the committee is an element of the organization’s Vision 2020 project. LINK:

“Panel members and state regulators will discuss existing pain points and identify opportunities to improve multi-state licensing and supervision,” said Albert Forkner, CSBS chairman, in a statement. Forkner is commissioner of the Wyoming Division of Banking.

The advisory panel will form three working groups. These include money transmission and payments; lending; and community banking and innovation.

Of the federal banking agencies the Comptroller’s Office has taken the lead, publicly, in cultivating the fintech community through its Office of Innovation. However, OCC does not have a formal advisory group such as this. [Read “OCC office builds fintech dialog”]

Panel member companies listed

CSBS Fintech Industry Advisory Panel members include:



3. Affirm, Inc.

4. Alipay US

5. Amazon Payments, Inc.

6. Avant

7. BitPay, Inc.

8. Circle Internet Financial, Inc.

9. The Citizens Bank of Edmond

10. Common Bond

11. Enova International (NetCredit & CashNetUSA)

12. Envestnet | Yodlee

13. First Data Corporation

14. Funding Circle USA, Inc.

15. Green Dot Corp

16. IOU Financial

17. Intuit

18. Kabbage

19. LendingClub

20. LendingHome

21. LendUp, Inc.

22. LibertyX

23. Microsoft Payments

24. OnDeck Capital LLC

25. OneMain Financial

26. Oportun, Inc.

27. PayPal

28. Remitly, Inc.

29. Ripple

30. Seed

31. Servicio UniTeller, Inc.

32. Social Finance, Inc./SoFi Lending Corp.

33. Western Union

back to top


About Us

Connect With Us


Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.


This webinar is brought to you by:
Vouched Logo