D.C. Passes NMLS Conformity Temporary Act of 2014

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Recently, Washington, D.C., Mayor Vincent Gray signed the NMLS Conformity Temporary Act of 2014. The Act authorizes the Department of Insurance, Securities and Banking (DISB) the necessary statutory authority to use the NMLS for all non-depository financial service providers. Currently, the DISB has authority to use the NMLS only for mortgage-related financial service providers. The Act will take effect after a 30-day period of congressional review beginning on August 28, 2014, and will expire 225 days after it takes effect on April 10, 2015.

The D.C. Council is also debating the NMLS Conformity Act of 2014, which is a permanent version of the temporary act. A hearing on the permanent act was held on July 9, but no further action has been taken.

Topics:  Banks, Financial Regulatory Reform, Mortgages, NMLS

Published In: General Business Updates, Finance & Banking Updates, Insurance Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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