Harrisburg, PA - Secretary of Banking and Securities Robin L. Wiessmann has designated a point of contact between technology innovators offering financial services (fintech) and the commonwealth’s financial regulator, the Pennsylvania Department of Banking and Securities.
This announcement of the Innovation Staff Contact is part of a national initiative of state financial regulators coordinated by the Conference of State Bank Supervisors (CSBS) to streamline communications between fintech and state regulators on money transmission and payments, lending, banking, and other financial innovation.
Pennsylvania’s Innovation Staff Contact is Deputy Secretary for Non-Depository Institutions Tim Knopp, who can address questions from the fintech industry via firstname.lastname@example.org.
“Governor Wolf and I seek to reduce regulatory burden, foster business development, and enhance relationships between state regulators and fintech,” said Wiessmann. “Pennsylvania’s Innovation Staff Contact will smooth the process for fintechs navigating the licensing process. We will work with fintech firms to review business concepts, encourage positive aspects of change, and protect consumers.”
Collectively, state regulators oversee 79 percent of all U.S. banks and 23,000 nonbanks licensed at the state level. In 2017, state regulators, through CSBS, committed to moving towards an integrated, 50-state licensing and supervisory system for fintechs and other nonbanks.
Businesses can connect to the department through Facebook and Twitter, or subscribing to the department’s newsletter.
MEDIA CONTACT: Ed Novak - 717.783.4721
# # #