Examining the Evolving State Regulatory and Enforcement Paradigm Governing FinTech and Payments

April 30, 2018 11:15am

Tom James
Senior Assistant Attorney General Consumer Counsel – Consumer Fraud Bureau
Office of the Illinois Attorney General (Chicago, IL)

Keith Barnett
Troutman Sanders LLP (Atlanta, GA)

Maryam Torben Desfosses
Hearings Examiner
NH Banking Dept

Matthew Lambert
Senior Director & Non-Bank Counsel
Conference of State Bank Supervisors (CSBS)


Todd Beauchamp
Latham & Watkins LLP (Washington, DC)

FinTech and payment systems startups are burdened with a fractured and struggling regulatory system among the various states. As more and more FinTech startups and other “nonbanks” are entering into the market and aiming to provide financial services to consumers and businesses, they are faced with the reality that it can take several months and thousands of dollars in compliance fees to obtain regulatory approval to operate in just one state. Now, imagine the frustration that companies navigating our 50-state licensing regime are experiencing, as they are facing years and millions of dollars to launch a product nationwide, thus hindering their ability to get to market. During this session, a panel of state regulators will provide key insights on:
  • How states are reacting to new and emerging federal initiatives, including the OCC Fintech Charter to license FinTechs as special purpose banks
  • State-level initiatives aimed at modernizing and harmonizing financial regulation of non-banks and FinTech companies operating nationwide
    • The CSBS’ Vision 2020
  • State views on the Industrial Loan Charter option
  • Developments in state regulation of money transmitters, consumer lenders, bit licenses, payment processing, and beyond
  • Actions being taken to better align multi-state licensing, examination and supervision
  • Assessments and audits of state regulatory practices to better foster innovation without sacrificing safety, soundness or consumer protection