April 12, 2019 – Today FIN applauded state financial regulators for their efforts to streamline digital wallet regulations and urged them to work with Congress towards a federal solution that ensures uniformity.
The following statement is attributable to Brian Peters, Executive Director, Financial Innovation Now:
“FIN strongly commends the Conference of State Bank Supervisors and state regulators for their efforts to modernize and harmonize the regulation of money transmission. FIN believes that a federal mechanism is necessary to ensure consistency among the states, particularly for firms operating at national scale. FIN respectfully urges CSBS and the task force to continue developing a model payments law and simultaneously begin working with the U.S. Congress on legislation that would help ensure uniform adoption and implementation throughout the states. Given the history of inconsistencies in state regulation, now is the time to ensure all U.S. consumers have adequate protections and access to new services under a modern regulatory regime appropriate for the 21st century.”
The Conference of State Bank Supervisors, through its Vision 2020 initiative, recently began work on a model payments law and requested feedback on how states should proceed. FIN responded in support of the endeavor and offered an analysis of the inherent barriers to consistency in state money transmission laws, which invites a role for the U.S. Congress. FIN’s comment letter is available at the following link: http://financialinnovationnow.org/wp-content/uploads/2019/04/fin-csbs-comment-letter-final.pdf