April 10, 2018
Contact: Richard Loconte, 212-709-1691
DFS TO CO-HOST FINTECH FORUM WITH CONFERENCE OF STATE BANKING SUPERVISORS
Event Will Address Developments and Innovation in FinTech Market, Including State-Based Regulation and Consumer Protection
Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) will co-host a nationwide financial technology forum for state banking regulators and financial services executives with the Conference of State Banking Supervisors (CSBS) on Tuesday, April 10, 2018 in New York City. The conference will address fintech developments and business models, opportunities and risk, as well as state-based regulatory approaches to innovation.
“Fintech is playing an increasing role in the efficient delivery of financial services in our globally connected world, but the use of financial technology does not exempt firms providing financial services and products from the rules that banks and other financial institutions must follow,” Superintendent Vullo said. “Coming at a time when the federal government is loosening the reins on financial regulation and oversight is becoming ever more lax, this forum demonstrates the growing importance of strong, state-based regulation, and allows DFS to share its nation-leading expertise in regulating the financial services industry and protecting consumers.”
CSBS President and Chief Executive Officer John Ryan added: “This forum helps inform how we can most effectively and efficiently supervise fintech firms.”
Superintendent Vullo will give opening remarks and participate in a panel of regulators discussing of state-based regulation covering consumer protection, access to financial products and services by consumers and small businesses, and efforts to bring greater efficiency to state licensing and supervision.
Last year, DFS transitioned to the Nationwide Multistate Licensing System and Registry, a secure, web-based, nationwide licensing system created by CSBS that allows companies to apply for, update, and renew their licenses in one or more states.