State Regulators Expand Licensing Process for Fintechs

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.