News Topic: MSBs

Nearly half the nation's state regulators have agreed to a new multistate licensing business for money servicers, including fintechs. ... Read full article

A group of state regulators has signed off on 14 recommendations, developed by the fintech industry, aimed at streamlining multistate licensing and supervision. ... Read full article

Whether it's the OCC's special-purpose charter, ILCs or some other option, observers see fintechs being able to obtain banking powers. ... Read full article

Before the rule was issued, banks and money transfer companies acknowledged that better disclosures and other steps were necessary in light of higher costs for international money transfers. ... Read full article

The bank’s unsullied image took a hit when it admitted to misleading regulators regarding its efforts to combat money laundering. ... Read full article

Fintech firms and industry watchers hope the pilot program will help fix a balkanized chartering system, but getting enough states on board to expand the plan's reach could be a challenge. ... Read full article

The move is mainly in response to fintech firms that have long argued that the main route to doing business is by getting a license in each state, which can be a cumbersome and repetitive process. ... Read full article

Michael Blume oversaw the controversial effort to crack down on consumer fraud by pressuring banks to cut off certain merchants’ access to the U.S. payment system. ... Read full article

Merchants was accused by the Treasury Department's Financial Crimes Enforcement Network of failing to properly monitor money services businesses that had ownership ties with bank insiders. ... Read full article