IDFPR Secretary Schneider Appointed Chairman of CSBS Task Force

CHICAGO – Illinois Department of Financial and Professional Regulation (IDFPR) Secretary Bryan A. Schneider was recently appointed chairman of the Conference of State Bank Supervisors’ (CSBS) Emerging Payments Task Force (EPTF). The task force, now in its second year, focuses its studies on changes in payment systems, including various mobile payment developments, virtual currencies and other technological innovations. As Chairman, Schneider oversees efforts to determine the potential impact of continually emerging technologies on consumer protection, state law, and banks and non-bank entities chartered or licensed by the states. In Illinois, IDFPR Division of Banking oversees the regulation and licensure of non-depository financial institutions, such as mortgage banks, payday loans, pawnbrokers and title loan companies.

“As the head of Illinois’ regulatory agency, Secretary Schneider has led the charge in bringing 21st century digital technology to the businesses and professionals licensed and regulated in Illinois,” said Governor Bruce Rauner. “His extensive regulatory and financial background will be invaluable as the task force studies the growth of e-commerce and its impact on a broad range of financial stakeholders.”

The Emerging Payments Task Force seeks to engage a broad range of shareholders - including fellow state regulators, federal regulators, industry participants and other experts – to understand how new entrants and technologies affect the stability of payment systems and the broader financial marketplace. The Task Force will then set out to develop ideas for emerging payments landscape to the financial regulatory fabric.

Schneider’s appointment coincides with his currently held positions on the CSBS Non-Depository Supervisory Committee, State Coordinating Committee (SCC) and CSBS subsidiary State Regulatory Registry (SRR) Board of Managers.