Three Fintechs Try Out Faster Multistate Licensing Project

Two fintech companies have gone through the first phase of a multistate pilot streamlined licensing project, with a third nearing completion, a Washington state official told Bloomberg Law on July 9.

The multistate effort to offer reciprocity to fintech companies seeking money services business licenses has grown its ranks to 16 states, said Charlie Clark, deputy director of the Washington State Department of Financial Institutions.

That more than doubles the number of states that initially launched the reciprocal licensing treatment in February. The states are Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, North Dakota, Ohio, Rhode Island, Tennessee, Texas, ...