The Conference of State Bank Supervisors’ (CSBS) Emerging Payments Task Force is holding a public hearing on Friday, May 16, 2014 in Chicago in order to seek information involved in legacy payment systems, retain payment innovations, and virtual currencies (namely bitcoin).
If you’re unfamiliar with CSBS, it is a nationwide organization of banking regulators from all 50 states, DC, and several territories. These state banking departments regulate a variety of non-bank financial services providers, including mortgage providers. Bitcoin exchange and ATM operators should be familiar with these state departments since they issue the money transmitter licenses required in most jurisdictions.
The Task Force is studying changes in payment systems (retail, electronic, and otherwise) in order to assess consumer protection and applicability of state law. The Task Force specifically intends to “to understand how new entrants and technologies affect the stability of payment systems and the broader financial marketplace and to develop ideas for connecting the emerging payments landscape to the financial regulatory fabric.”