The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
The Conference of State Bank Supervisors said 13 nationwide payments firms have undergone or are undergoing their single comprehensive exams during the first quarter as part of the "One Company, One Exam" program.
Background: The program for money service businesses that operate in 40 or more states aims to satisfy all state exam requirements. Each exam is led by one state overseeing a multistate group of examiners.