CSBS Requests Comments on NMLS Modernization

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The CSBS issued a press release on April 15, 2021, announcing a proposal for comments related to the modernization of the NMLS system.  Comments are due by May 31, 2021.

The proposal seeks comments on the following areas:

  • A Networked-Licensing Model
  • A three part licensing framework, which includes:
    • Core Requirements
    • Business-specific Requirements
    • License-specific Requirements
  • Verification of new user accounts

The networked-licensing model would allow state regulators to share information on the applicant.  One regulator would be assigned to review initial business-specific information on behalf of all regulators, which will purportedly allow for faster approval times.

The proposal also provides definitions for each area of the licensing framework and seeks comments as to what information should be considered a core requirement, business-specific requirement, or license-specific requirement for the different industries licensed through the NMLS.

The proposal also seeks comments on a new two-step verification process that will be used for new users when creating an account in the NMLS.

The proposal can be found here.

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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