It’s been a busy week for players in the fast-evolving financial technology space. As federal and state regulators grapple with how to apply the traditional rules of banking and finance to this emerging high-tech industry, the only certainty is change. Here are some of the latest developments:

New Lab Boss

The U.S. Commodity Futures Trading Commission announced that Daniel Gorfine will lead LabCFTC, the commission’s fintech initiative that was established in May. The plan will give fintechs greater access to the commission—encouraging them to ask regulatory questions and offer feedback as to which regulations they find the most prohibitive.

Prior to being named LabCFTC director and chief innovation officer on Monday, Gorfine most recently served as associate general counsel for small-business lending platform OnDeck.

“Daniel is a well-respected leader whose expertise in market-enhancing fintech will help the CFTC disrupt the status quo and change the way government interacts with our ever-innovating marketplace,” said CFTC Acting Chairman Christopher Giancarlo in a statement.

Giancarlo added that Gorfine’s appointment will move the “LabCFTC initiative into its next phase and will further our efforts to make the CFTC a 21st century regulator for our 21st century digital markets.”

Is Fintech Risky Business?

Fintechs are often viewed as disrupters of more traditional banking business models. It looks like one of the nation’s most important banking regulators agrees with that assessment.

The Office of the Comptroller of the Currency released its Semiannual Risk Perspective for Spring 2017 on July 7. The report highlighted top concerns for the federal banking system including strategic, credit, operational and compliance risks.

Fintech was listed among strategic concerns for the banking industry. “Strategic risk remains elevated as banks make decisions to expand into new products or services or consider new delivery channels and continue merger and acquisition activity,” the report said. “Banks face competition from nonfinancial firms, including financial technology companies entering the traditional banking industry. This competition is causing changes in the way customers and financial institutions approach banking.”

Waiting for the OCC…

The Conference of State Bank Supervisors is awaiting a response to the lawsuit it filed April 26 against the Office of the Comptroller of the Currency over the OCC’s fintech charter proposal, which would allow fintechs to be supervised in the same way as federal banks and potentially free them from having to comply with laws on a state-by-state basis. The group of state banking regulators claims that it is not within the federal agency’s authority to grant these charters. The response from the OCC was originally due to be filed last month, but an extension has been granted to July 29.

The CSBS also provided an update this week on progress of its Vision 2020 initiatives, which are “designed to create an integrated, streamlined 50-state licensing and supervisory system and non-banks by 2020,” according to the organization.

The banking regulators are in the process of seeking industry participants to serve on a Fintech Industry Advisory Panel. “CSBS has received several statements of interest by fintech firms who wish to serve on the panel,” said spokesperson Jim Kurtzke, in an email. The deadline to apply has been extended to July 28.

The CSBS is also inching closer to its goal of transforming the National Multistate Licensing System, which it refers to as the states’ reg-tech platform for fintechs and other nonbanks. The redesign of the technology platform aims to offer a more automated licensing process for regulation of nonbanks and streamline multistate regulation, one of the main stress points for fintech companies and one of the goals of the organization’s Vision 2020 initiative.

As part of the effort to overhaul the NMLS, Louisiana’s financial regulator John Ducrest was chosen on June 28 to lead the business operations of the multistate platform, and the New York Department of Financial Services began using the NMLS to manage licensing and regulations of money transmitter firms this month. This brings the count of states using the system for money transmitters to 35, according to the CSBS. Fintech companies also use NMLS for mortgages, debt collection and consumer finance.

It’s been a busy week for players in the fast-evolving financial technology space. As federal and state regulators grapple with how to apply the traditional rules of banking and finance to this emerging high-tech industry, the only certainty is change. Here are some of the latest developments:

New Lab Boss

The U.S. Commodity Futures Trading Commission announced that Daniel Gorfine will lead LabCFTC, the commission’s fintech initiative that was established in May. The plan will give fintechs greater access to the commission—encouraging them to ask regulatory questions and offer feedback as to which regulations they find the most prohibitive.

Prior to being named LabCFTC director and chief innovation officer on Monday, Gorfine most recently served as associate general counsel for small-business lending platform OnDeck.

“Daniel is a well-respected leader whose expertise in market-enhancing fintech will help the CFTC disrupt the status quo and change the way government interacts with our ever-innovating marketplace,” said CFTC Acting Chairman Christopher Giancarlo in a statement.

Giancarlo added that Gorfine’s appointment will move the “LabCFTC initiative into its next phase and will further our efforts to make the CFTC a 21st century regulator for our 21st century digital markets.”

Is Fintech Risky Business?

Fintechs are often viewed as disrupters of more traditional banking business models. It looks like one of the nation’s most important banking regulators agrees with that assessment.

The Office of the Comptroller of the Currency released its Semiannual Risk Perspective for Spring 2017 on July 7. The report highlighted top concerns for the federal banking system including strategic, credit, operational and compliance risks.

Fintech was listed among strategic concerns for the banking industry. “Strategic risk remains elevated as banks make decisions to expand into new products or services or consider new delivery channels and continue merger and acquisition activity,” the report said. “Banks face competition from nonfinancial firms, including financial technology companies entering the traditional banking industry. This competition is causing changes in the way customers and financial institutions approach banking.”

Waiting for the OCC…

The Conference of State Bank Supervisors is awaiting a response to the lawsuit it filed April 26 against the Office of the Comptroller of the Currency over the OCC’s fintech charter proposal, which would allow fintechs to be supervised in the same way as federal banks and potentially free them from having to comply with laws on a state-by-state basis. The group of state banking regulators claims that it is not within the federal agency’s authority to grant these charters. The response from the OCC was originally due to be filed last month, but an extension has been granted to July 29.

The CSBS also provided an update this week on progress of its Vision 2020 initiatives, which are “designed to create an integrated, streamlined 50-state licensing and supervisory system and non-banks by 2020,” according to the organization.

The banking regulators are in the process of seeking industry participants to serve on a Fintech Industry Advisory Panel. “CSBS has received several statements of interest by fintech firms who wish to serve on the panel,” said spokesperson Jim Kurtzke, in an email. The deadline to apply has been extended to July 28.

The CSBS is also inching closer to its goal of transforming the National Multistate Licensing System, which it refers to as the states’ reg-tech platform for fintechs and other nonbanks. The redesign of the technology platform aims to offer a more automated licensing process for regulation of nonbanks and streamline multistate regulation, one of the main stress points for fintech companies and one of the goals of the organization’s Vision 2020 initiative.

As part of the effort to overhaul the NMLS, Louisiana’s financial regulator John Ducrest was chosen on June 28 to lead the business operations of the multistate platform, and the New York Department of Financial Services began using the NMLS to manage licensing and regulations of money transmitter firms this month. This brings the count of states using the system for money transmitters to 35, according to the CSBS. Fintech companies also use NMLS for mortgages, debt collection and consumer finance.