Why Fintechs Want More Access to State Banking Regulators
In the financial technology space, companies and their lawyers are looking to have more conversations with regulators.
October 20, 2017 at 02:35 PM
4 minute read
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In the financial technology space, companies and their lawyers are looking to have more conversations with regulators.
This week, the Conference of State Bank Supervisors (CSBS) announced more than 30 companies will participate in its newly formed Fintech Industry Advisory Panel. The panel is part of the CSBS's Vision 2020 initiative, which seeks to “modernize state regulation of non-banks, including financial technology firms.”
Many companies are still in the process of selecting representatives for the panel, but so far many are choosing their top legal, compliance or policy leaders. At financial startup Social Finance Inc. (SoFi), general counsel Rob Lavet, who oversees compliance professionals and is used to interacting with state and federal regulators, will be the one to serve on the panel. Kabbage's head of global privacy, Sam Taussig, will represent the Atlanta-based small-business lending company.
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