On March 20, the New York Department of Financial Services (NYDFS) entered into a consent order with a money transmitter, joining a group of state financial regulators acting through a multi-state task force coordinated by...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
The Conference of State Bank Supervisors (CSBS), a nationwide organization of state banking and financial regulators from all 50 states, the District of Columbia, and U.S. territories, has raised significant concerns...more
February 27, 2025- The Division of Corporation Finance is providing its views on “meme coins” to provide greater clarity on the application of the federal securities laws to crypto assets....more
January 31, 2025 - The Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency will hold a virtual public outreach meeting on March 6, 2025, as part of their review of...more
On January 1, 2025, Massachusetts Gov. Maura Healey approved House Bill No. 4840, which repeals and replaces Massachusetts’ money transmission law with a revised law (MTL Law), which is based in part on the model Money...more
As we begin the 119th Congress, the nation is also preparing for the new administration to take office in just a few weeks. While federal action on digital assets remains a key focus, this week’s Crypto Policy Tracker shifts...more
January 7, 2025 - The Consumer Financial Protection Bureau finalized a rule that will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans....more
On November 13, the CSBS reported that 14 mortgage loan originators (MLOs) associated with one company failed to provide the required information for completing their continuing education courses online, resulting in the loss...more
In the dynamic landscape of financial services, the Nationwide Multistate Licensing System (NMLS) has emerged as a cornerstone for regulation and compliance. Serving as an online platform, NMLS facilitates the state license...more
Recently, CSBC published its 2024 Annual Community Bank Survey which provides insights into the concerns and challenges faced by community banks. The survey revealed that regulatory burden has become the primary concern for...more
August 27, 2024 - The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window....more
The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20....more
On May 20, CSBS requested public feedback on a proposal to raise NMLS fees for the first time since the registry’s launch in 2008. This proposed fee increase will ensure NMLS remains functional and up to date while balancing...more
May 30, 2024 - The Federal Reserve Board published a working paper entitled, “Central Banking Post Crises.” May 30, 2024 - The Federal Reserve Board published a working paper entitled, “Constructing high-frequency...more
On April 10, the Conference of State Bank Supervisors (CSBS) and the FHFA announced they have signed a memorandum of understanding (MOU) to enhance information sharing on nonbank mortgage companies. The MOU reportedly aimed...more
On April 4, 2024, the State of Wisconsin enacted S.B. 668 (the Act), repealing the state’s existing Seller of Checks Act, which solely regulated money transmitters with a physical presence in Wisconsin, and replacing the...more
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 focusing on:...more
On October 24, CSBS released tips for licensees to prepare for NMLS renewal. As previously covered by InfoBytes, NMLS announced it will be rolling out a new version of its mortgage call report which will include new...more
On October 13, 2023, the Conference of State Bank Supervisors (CSBS) announced the Nationwide Multistate Licensing System & Registry (NMLS) will be rolling out a new version of its Mortgage Call Report (MCR). In an effort to...more
The Act aims to modernize and streamline state regulation of money transmitters while promoting innovation and consumer protection. More than a dozen US states have enacted the Money Transmission Modernization Act (MTMA)...more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
The Conference of State Bank Supervisors (CSBS) recently released a comprehensive framework for safeguarding sensitive information held at nonbank financial institutions. CSBS’s Nonbank Model Data Security Law is largely...more
While all states except Montana currently require licensure at the state level for entities seeking to act as a money transmitter, generally defined as an intermediary receiving money or monetary value for transmission to...more
On April 3, 2023, the Conference of State Bank Supervisors (CSBS) released an update on the status of its State Examination System (SES). The SES is an examination system that is intended, in part, to foster standardization...more