Multistate Licensing Pilot Coming for Fintechs

State regulators are planning to offer a licensing process for money-service businesses which will include fintech firms; this will allow business to operate across multiple states; the initial pilot will be offered in seven states; Charlie Clark, agency deputy director and director of consumer services at the Washington Department of Financial Institutions stated, “This is something that we can do to create licensing efficiencies with these companies, hopefully help get them off the ground and it doesn’t sacrifice consumer protection.” Source