Back in February 2018 state regulators in the U.S. started an agreement to make the process for acquiring money service licenses more uniform; that effort now has 23 states and by the end of next year should include all 50 states in what the regulators are calling Vision 2020 to streamline nonbank supervision; “The collaboration among these 23 states has significantly streamlined the licensing process for participating companies,” Charlie Clark, director of the Washington State Department of Financial Institutions, said in a press release according to American Banker. “We look forward to more states joining,”; the process brings licensing from two steps into one seamless application so applicants don’t need to refine in each state. Source.
State Regulators Expand Licensing Process for Fintechs
Todd Anderson···1 min read