On Jun 24, 2019 the Conference of State Bank Supervisors announced that a current total of 23 states have now joined a multi-state licensing agreement standardizing processes for non-bank money services businesses (MSBs), including fintech companies, with California and North Carolina being among the most recent to join. This expands upon the original agreement established in February 2018, which had seven participants. The Agreement represents just one part of a set of initiatives laid out by CSBS and state regulators in their Vision 2020, an effort to create a 50-state integrated system for licensing and supervision of MSBs and fintechs.
"The collaboration among these 23 states has significantly streamlined the licensing process for participating companies," stated Charlie Clark, director of the Washington State Department of Financial Institutions. "This is a new era in the state system where we are not only coordinating but actively relying on our fellow regulators."