Conference of State Bank Supervisors President and CEO Brandon Milhorn Statement on Congressional Progress on Stablecoin Legislation: “State regulators thank Senators Cynthia Lummis and Kirsten Gillibrand for their acknowledgment of the critical role that state bank regulators play in the licensing, regulation, and supervision of money transmission and other nonbank activities. We look forward to working with Congress to ensure

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

CSBS was certified as a Great Place to Work® in 2023 for the fifth year in a row. Each year we find new ways to improve opportunities and culture for staff. Our Diversity Council is comprised of employee resource groups that enhance CSBS culture by encouraging a supportive workplace for all employees and members of specific demographics. The groups are