The Conference of State Bank Supervisors (CSBS) has introduced a formal guidance request process for the Money Transmission Modernization Act (MTMA). This process creates a centralized mechanism for industry participants to seek clarification on MTMA requirements and implementation.
The new formal process is intended to address inconsistencies arising from varying state adoption and interpretation of the MTMA. According to CSBS, more than half of the states have adopted the MTMA in full or in part, but differences in implementation and interpretation have emerged as states operationalize the law.
Stakeholders may now submit requests for MTMA implementation guidance through a dedicated online intake form. CSBS explained that the intake and deliberation process for MTMA-related guidance requests aims to provide unified, consistent MTMA implementation guidance.
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CSBS is working with member regulators and oversight committees to establish this process. The goal is to encourage consistency and provide clarity on MTMA requirements and implementation. They are working to promote more uniform application of the law across adopting jurisdictions.
The MTMA is a significant development in the regulation of money transmission. As states adopt and implement the law, the need for consistent guidance and interpretation has become increasingly important. The CSBS guidance request process is a step towards addressing this need.
By providing a centralized mechanism for guidance requests, CSBS aims to reduce inconsistencies and provide clarity for industry participants.
