An organization of state regulators in the U.S. has announced a new streamlined process for money transmitter licensing that will save large operators — including firms — from getting separate licenses in every state.
The Sept. 15 announcement from the Conference of State Bank Supervisors (CSBS) has set out parameters for state licensing that will involve a single exam administered by examiners from across the country. Nationwide payments firms, meaning those operating as money transmitters in 40 or more states, will be able to get a single license to operate throughout the U.S.