The CSBS Board of Directors supports the states taking the following actions in 2021 to advance networked supervision:
Money Service Businesses
1. There will be a “One Company One Exam” for 75 MSB firms conducted and/or accepted by all states that regulate MSBs.
2. All states with licensing authority over money service businesses will adopt the Multi-State MSB Licensing Agreement.
3. CSBS will build a modernized NMLS to one standard that implements the MSB Model Law and Multistate MSB Licensing Agreement. States will adopt operational and legal standards based on the MSB Model Law and Multistate MSB Licensing Agreement to participate in the modernized NMLS.
4. CSBS will form an industry advisory group of MSB companies.
5. State regulators will pilot “One Company One Exam” for a mortgage company to reduce regulatory burden and create new efficiencies.
6. State regulators will finalize and approve model regulatory prudential standards for nonbank mortgage servicers.
7. Cyber-risk examinations will be coordinated for nonbank entities to ease regulatory burden, provide more consistency, and enhance effectiveness.
8. Participate in a community of large bank examiners to benefit from a more horizontal perspective regarding current practices and trends at large banks.