U.S. Industry Giants Seek Federal Leadership On 'Patchwork' Of State Laws

A consortium of leading e-commerce and payments companies has backed a push to harmonize money transmitter laws across the United States, but argues that direct congressional involvement is needed to ensure the plan's success.

Financial Innovation Now (FIN), an alliance of technology giants including Amazon, Apple, Google, PayPal and Square, among others, responded to a Conference of State Bank Supervisors (CSBS) consultation on its plan to standardize the current regulatory patchwork of money transmitter laws, which vary widely between different states.

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