Technology will be at the forefront in financial regulation and licensing this year.
3/4/2021 10:00 AM
AdvocacyNewsState
Financial services companies can expect greater integration of technology by state regulators, according to a speech on 2021 priorities from Conference of State Bank Supervisors (CSBS) President and CEO John Ryan at the Nationwide Multistate Licensing System (NMLS) annual conference in February.
For one, state regulators are advancing the use of “Networked Supervision,” which uses technology, data and uniform practices to strengthen regulation, according to a CSBS news release.
The main elements of networked supervision including assessing, licensing and chartering new businesses and banks faster and improving examinations of licensing businesses and chartered banks, according to CSBS. The program would produce real-time data on business and bank health and consumer protection.