News & Analysis as of

Money Transmitter Banking Sector CSBS

Stinson LLP

Wisconsin Adopts Model Money Transmission Modernization Act, Joining 19 Other States

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On April 4, 2024, the State of Wisconsin enacted S.B. 668 (the Act), repealing the state’s existing Seller of Checks Act, which solely regulated money transmitters with a physical presence in Wisconsin, and replacing the...more

Cooley LLP

Arizona Embraces CSBS Model Money Transmission Law; West Virginia Incorporates Some Key Provisions

Cooley LLP on

On May 20, 2022, Arizona Gov. Doug Ducey signed Senate Bill 1580, which effectively replaces Arizona’s current money transmission law with the Model Money Transmission Modernization Act (the Model Act) announced by the...more

Wilson Sonsini Goodrich & Rosati

Money Transmitter Model Law Poised to Change Regulatory Landscape

The Conference of State Bank Supervisors (CSBS) released its Money Transmission Modernization Act (Money Transmitter Model Law) (Model Law) to create a single money transmitter regulatory regime across the country and...more

Troutman Pepper

CSBS Releases Money Transmission Model Law

Troutman Pepper on

On September 9, the Conference of State Bank Supervisors (CSBS) released the Model Transmission Modernization Act (model law) in efforts to replace the 50 state-specific money transmitter laws with a nationwide standard....more

Troutman Pepper

CSBS Continues Streamlining for Payments Firms, Announces One Company, One Exam Program

Troutman Pepper on

On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more

Troutman Pepper

CSBS Continues Streamlining of Licensing for Payments Firms Through 'One Company, One Exam' Program

Troutman Pepper on

On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more

Ballard Spahr LLP

State Bank Regulators Launch Single-Exam Plan for Multistate Money Transmitters in wake of OCC’s Payments Charter Proposal

Ballard Spahr LLP on

The Conference of State Bank Supervisors (CSBS) recently announced plans to establish a program under which money transmitters licensed in multiple states will undergo a single comprehensive exam that seeks to satisfy all...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

Ballard Spahr LLP

State Regulators Agree to Multistate Licensing Process for Money Service Businesses

Ballard Spahr LLP on

The Conference of State Bank Supervisors (CSBS) announced last week that seven states have agreed to a multi-state compact that, according to the CSBS, “standardizes key elements of the licensing process for money services...more

Davis Wright Tremaine LLP

CSBS Takes Another Step Towards Multi-State Licensing for New MSB Applicants

The Conference of State Bank Supervisors (“CSBS”) has announced a multi-state framework for state regulators to process an application by a person to become a licensed money services business (“MSB”). The announcement forms...more

Kilpatrick

State Regulators Take First Step to Standardize Licensing Practices for Fintech Payments

Kilpatrick on

Earlier this week, the Conference of State Bank Supervisors (CSBS) announced that seven states have agreed to a multi-state compact that standardizes key elements of the licensing process for money services businesses (MSB). ...more

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