Statement on the Illinois Fintech Regulatory Roundtables

The Illinois Department of Financial and Professional Regulation hosted two fintech roundtables last week co-hosted by the Conference of State Bank Supervisors, FinTEx Chicago and 1871. The following is a statement by Bryan A. Schneider, Secretary of the Illinois Department of Financial and Professional Regulation:

“Fintech is a growing and important part of the Illinois economy. And I am pleased to have hosted representatives from local and national payments and online lending companies, along with financial regulators from other states, last week to discuss the regulatory challenges and opportunities surrounding fintech.

“During the roundtables we discussed how state financial regulators can work together to develop more uniform money transmission standards and multi-state licensing requirements, as well as a standard measure for state financial requirements, and a more streamlined multi-state application process. As a follow up to these roundtables I believe the state system would be well served by having a fintech advisory group to provide state regulators with advice and feedback on a broad range of important issues impacting fintech firms.

“State regulators are committed to making multi-state regulation as smooth a process as practical, promoting innovation while protecting consumers and taxpayers. Today’s meeting was an important step forward in that process.

“I truly appreciate the constructive dialogue and look forward to continued partnership with industry and other state regulators as we work to better integrate fintech in our financial system.”