Money transmitters operating in 40 or more states will benefit from streamlined state supervision in 2021. The Conference of State Bank Supervisors (CSBS) announced today the launch of a state-initiated program whereby nationwide payments firms will undergo a single comprehensive exam to satisfy all state regulatory requirements. Known as MSB Networked Supervision, the initiative will apply to 78 of the nation’s largest payments and cryptocurrency companies that combined move more than $1 trillion a year in customer funds. Building on years of multistate coordination, this exam protocol will enable states to fine ... (full story)

Money transmitters like Western Union WU.N, PayPal PYPL.O, and cryptocurrency firms will be able to more easily expand across the United States, after 48 state regulators agreed to a single set of supervisory rules that should reduce their compliance costs. The Conference of State Bank Supervisors (CSBS) will on Tuesday unveil the new regulatory regime for money services businesses, which will undergo a single exam by a joint group of state regulators that oversee licensing, instead of dozens of individual state exams. The new streamlined regime applies to 78 large payment and cryptocurrency firms, which combined ... (full story)