This week, the Conference of State Bank Supervisors (also known as the CSBS) made an announcement of a new task force charged with the task of studying today’s changes in payment systems.
The Task Force, aptly named the Emerging Payments Task Force, will set their attention on digital currencies and other innovations down the line “to determine the potential impact on consumer protection, state law, and banks and non-bank entities chartered or licensed by the states.”
The Task Force will engage with a broad range of stakeholders – 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 and to develop ideas for connecting the emerging payments landscape to the financial regulatory fabric.
“State regulators have proactively established the Task Force to develop and implement a strategy to coordinate state regulatory oversight of emerging payment systems,” said CSBS President and CEO John W. Ryan. “As regulators of a diverse range of financial services providers, state regulators bring a unique perspective on the opportunities and risks that must be understood in order to preserve marketplace stability while supporting constructive innovation.”
David J. Cotney of the Massachusetts Commissioner of Banks has been appointed as chairman of the task force. Eight other regulators will join Cotney on the task force. [via CoinDesk]