Hope for Regulatory Relief on the Horizon? State Regulators to Standardize Licensing Process for Money Transmitters
The Conference of State Bank Supervisors (CSBS) recently announced that seven states, Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas, and Washington, have agreed to a multi-state compact (the Compact) that will standardize certain aspects of the licensing process for money services businesses (MSBs).
Under the Compact, if one of the participating states reviews “key elements of state licensing for a money transmitter” as part of that state’s initial licensing process, the other participating states agree to accept the findings of the review.
Read more from The National Law Review in an article by Eric A. Love & Judith E. Rinearson: