Sorry, you need to enable JavaScript to visit this website.

disb

Department of Insurance, Securities and Banking

Banking Licensing Requirements for Fintech Companies

LICENSING REQUIREMENTS

The DISB Office of Innovation and the Banking Bureau want fintech companies to be aware of money transmitter and money lender licensing requirements in the District of Columbia.  

MONEY TRANSMISSION

Pursuant to the District of Columbia Money Transmission Code 26-1001, no person shall engage in the business of money transmission in the District of Columbia without obtaining a money transmitter license from the Department of Insurance, Securities and Banking (DISB), unless exemptions apply. “Money transmission” means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States, or to locations abroad, by any and all means.

The Money Transmitter License application and all supporting documents must be submitted online through the NMLS website. Please review the list of required documents on the Checklist Compiler webpage.

Contact DISB Non-Depository Licensing staff by phone at 202.727.8000 or send your questions via email to [email protected] or additional assistance.

ONLINE LENDING

Pursuant to the District of Columbia Money Lender Code 26-901, any person, firm, voluntary association, joint-stock company, incorporated society, or corporation, not exempt by section §26-912 of the Code of the District of Columbia, engaging in the business of loaning money with a rate of interest greater than six percent per annum shall obtain a money lender license. In accordance with the DC Code, no such person or entity shall charge or receive an interest rate exceeding 24% per annum on any loan.

The Money Lender License application and all supporting documents must be submitted online through the NMLS website. Please review the list of required documents on the Checklist Compiler webpage.

Contact DISB Non-Depository Licensing staff by phone at 202.727.8000 or send your questions via email to [email protected] for additional assistance.

DIGITAL BANKING

In accordance with the Code of the District of Columbia, no corporation shall engage in or do the business of a bank of deposit or a fiduciary business in the District of Columbia until the approval and consent of the DISB Commissioner is secured. DISB charters depository institutions (banks), credit unions and trust companies in the District.
If you would like to start a new bank or convert an existing federal charter to a District charter, please contact the DISB Banking Bureau at 202.727.8000 or by email at [email protected].

For more information regarding banking compliance requirements with DISB, click here.