CHICAGO – Manuel Flores, Acting Secretary of the Illinois Department of Financial and Professional Regulation participated in a national panel discussion today in Chicago on the impact electronic payments systems and currencies like Bitcoin will have to consumer protection, state law, and banks and non-bank entities chartered or licensed by the states. The Conference of State Bank Supervisors (CSBS) Emerging Payments Task Force hosted the event.
“Our department is charged with protecting Illinois consumers and supervising banks and non-depository financial institutions,” said Acting Secretary Flores. “Innovative financial products and services may present opportunities for consumers. However, as regulators, we must be diligent about preserving consumer protection and the stability of our financial system.”
While virtual currency is a focus area for the Task Force, the scope of the Task Force’s work is broader and includes other innovations in the payment systems. There are also payment platforms that utilize or modernize the ability to move money from person to person, as well as provide payment services to merchants. This innovation includes mobile products and services that also enable transactions for banking, payments, commerce, wallets, and applications.
The Task Force has begun the work of identifying priorities and deliverables, including:
Engaging with state and federal regulatory agencies as well as industry and other stakeholders;
Identifying and developing education and training resources on emerging payments and virtual currency; and, Exploring a coordinated approach on state regulation of emerging payment forms and methods.