Washington, D.C. – The Conference of State Bank Supervisors (CSBS) and the Federal Housing Finance Agency (FHFA) yesterday entered into a formal agreement designed to facilitate information sharing with respect to nonbank mortgage companies.  The memorandum of understanding establishes substantive information sharing protocols between state financial regulators and FHFA, improving the ability to coordinate on market developments, identify and mitigate

CSBS, on behalf of state regulators, owns and operates the Nationwide Multistate Licensing System & Registry (NMLS), an online licensing, registration, and supervisory platform that brings regulatory efficiency and accountability to the mortgage industry and other nonbank financial services providers. Its supervisory component, the State Examination System (SES), harmonizes and automates processes, streamlining the exam process for financial institutions. NMLS

To advance Networked Supervision, state financial regulators and CSBS have focused on implementing common standards and practices across the state system to streamline regulation of nonbank financial companies operating in multiple states. Recent initiatives that help increase uniformity and set the right conditions for the state system to continue leveraging the benefits of technology include: One Company, One Exam The

State supervisors charter and oversee 79% of the nation’s banks and have a uniquely local perspective, understanding the financial needs of the families and businesses that make up their communities. They are focused on consumer protection and safety and soundness, but they also work with their institutions to encourage prudent economic growth and to mature the compliance framework for innovative

CSBS continues to advocate for state authority as policymakers discuss and debate the role of regulation in a rapidly evolving financial services sector. The House Financial Services Committee passed the Bank Service Company Examination Coordination Act in February 2023, priming the bill for full passage during the current Congress. Along with a coalition of partners, CSBS also helped advance the

Effective financial regulation requires strong relationships among states and between state and federal regulators. These relationships form the basis for coordination and collaboration across a range of supervisory tools and processes. In October 2023, CSBS announced that 44 state financial agencies had reached settlements with ACI Payments, Inc., for erroneously initiating electronic transactions totaling $2.3 billion from the accounts of

CSBS supports state-federal coordination across a range of supervisory and regulatory structures and work streams. Decades of engagement with the federal banking agencies informed CSBS’s efforts to ensure that the law creating the CFPB codified coordination with state regulators. For more than a decade, the states have been leaning into that partnership through supervisory efforts, information sharing, and enforcement through

As the financial services industry rapidly evolves in volume and complexity, CSBS is creating data, technology, and analytical products to help state regulators anticipate and mitigate risk within the financial system. Harnessing the Power of Data CSBS's research and analytics services and products act as a force multiplier, giving states the information they need to accomplish more despite time and

Working with the Bankers Electronic Crimes Task Force and the United States Secret Service, state supervisors released Ransomware Self-Assessment Tools (R-SAT) for both banks and nonbanks in 2020. R-SAT helps financial institutions assess how they can mitigate ransomware risks and identify other cybersecurity gaps. In October 2023, we released a new, updated R-SAT for banks to address new risks associated