eBook | Regulatory Guide To Money Transmission & Payment Laws In The U.S

Money Service Businesses Undergoing a Single Exam to Achieve Nationwide Regulatory Compliance

On March 22, 2021, the Conference of State Bank Supervisors (CSBS) disclosed that as part of the “One company, One Exam” initiative, 13 national payment firms had completed or are currently conducting their single exams in the first quarter of 2021.

The One Company, One Exam program established in November 2020, allows Money Services Businesses (MSBs)that operate across multiple states, to complete a single, comprehensive exam to satisfy all state regulatory requirements. 

The program implementation is a key part of state regulators2021 Networked Supervision strategy, which aims to include nationwide adoption of the Multi-State MSB Licensing Agreement, building and launching a modernized NMLS, and implementing coordinated cyber-risk examinations for all regulated nonbank companies.

The initiative was described by Andrea Donkor, Vice President, Head of Global Regulatory Relations at PayPal, as “transformative” and “leading to streamlined regulatory oversight of MSBs while reducing undue regulatory impact on the industry”.

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Stay On Top Of The Debt Relief Industry's Regulatory Landscape

On November 6-7, 2022, Shipkevich PLLC will be hosting a Regulatory Workshop in Costa Mesa, California focusing on the fundamental regulatory issues facing debt relief professionals and how they can adapt.