Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
On August 2, the Utah Department of Financial services sent a letter to all consumer credit notification filers notifying them that the state will transition all consumer credit notification to the NMLS. The letter cited a...more
Recently, NMLS announced updates to the Money Services Business (MSB) Call Report effective in the third quarter for filings due November 14. These updates aim to align the report with the Model Money Transmission...more
Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more
On May 4, the Indiana governor signed SB 458, which repeals current Indiana code governing the licensing and regulation of money transmitters by the Department of Financial Institutions. The bill adds a new chapter codifying...more
With that in mind, financial services institutions regulated by the New York State Department of Financial Services (DFS) received a series of four industry guidance letters, issued on March 10, 2020, addressed to chief...more
What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to...more
The Pennsylvania Department of Banking and Securities recently published Frequently Asked Questions to clarify its new mortgage servicer licensing requirements. ...more
The NMLS Policy Guidebook has been updated effective February 1, 2018, replacing the version issued on July 23, 2012. The announcement accompanying publication of the Guidebook notes that the updates are intended to align the...more
The Conference of State Bank Supervisors has announced that the launch of NMLS 2.0 originally scheduled for September 2018 has been pushed to the second quarter of 2019. ...more
The NMLS has requested comments to the proposed changes to the Mortgage Call Report (MCR) as contained in Proposal 2018-1. Examples of the proposed changes include, but are not limited to, the following...more
The State Regulatory Registry (SRR) has published its annual report, "Transforming Supervision by Engaging People and Investing in Technology." ...more
On February 1, 2018, the Wisconsin Department of Financial Institutions started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements....more
As we recently reported, starting February 1, 2018, the Alaska Department of Commerce, Community, and Economic Development, Division of Banking and Securities will start receiving new applications and transition filings on...more
On January 20, 2018, NMLS will release certain system enhancements and maintenance updates with NMLS 2018.1. ...more
Pennsylvania is adding a requirement that a Mortgage Servicer License is required to engage in the mortgage loan business as a mortgage servicer. As such, the definition of “mortgage loan business” has been amended to include...more
The Michigan Department of Insurance and Financial Services will start using the NMLS Uniform Authorized Agent Reporting functionality to fulfill agent reporting requirements. ...more
Starting on February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will start accepting applications for the Money Transmitter License on NMLS. ...more
The Reinstatement Period on NMLS started on January 1 and ends on February 28. ...more
On January 1, 2018, certain state agencies will start receiving Electronic Surety Bonds (ESB) through NMLS for the following licenses...more
On January 1, 2018, the Ohio Division of Financial Institutions will start accepting new application and transition fillings for the Money Transmitter License on NMLS....more
The Michigan Department of Insurance and Financial Services published its annual licensing fees under the Mortgage Loan Originator Licensing Act as follows...more
On December 1, 2017, the Nevada Division of Mortgage Lending will start using the new Electronic Surety Bond...more
On October 14, 2017, the Indiana Department of Financial Institutions issued a new bond form for their Money Transmitter License to correct the language, making it consistent with their existing statute. This new bond form...more
The Illinois Department of Financial and Professional Regulation earlier this month started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements. The UAAR allows...more
The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more