Recent statements about money transmission in the United States have perpetuated myths about consumer protections and the safety and soundness of this vibrant, secure, and trusted part of our country’s payments ecosystem. It is time that we dispel some of these myths by explaining the realities of the state-developed, nationwide framework for regulation, licensing, and supervision of money transmission. While

CSBS Vice President Mortgage Testing & Education Programs Rich Madison Completing continuing education (CE) each year is an important step state-licensed mortgage loan originators (MLOs) must take before they can renew their license to conduct mortgage business for the coming year. However, a CSBS investigation in October revealed 14 MLOs associated with one mortgage company did not provide adequate identification

Washington, D.C - CSBS President and CEO Brandon Milhorn issued the following statement in response to a House letter sent to the FDIC today: “We appreciate the continued oversight by Congress of the FDIC's flawed corporate governance guidelines and are pleased that the FDIC does not intend to finalize the rules over the next two months. Moving forward, this proposal

The CSBS Networked Supervision Champions program recognizes state agency staff who are going above and beyond to empower the multistate network for better financial supervision and industry compliance. Congratulations Mark Hastie! State financial regulators are focused on implementing consistent standards and practices across the state system to streamline the regulation of nonbank financial companies operating in multiple states. Minnesota is

Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. Older adults who experience financial exploitation can lose their life savings and financial security and face other harm. A FinCEN

Washington, D.C. – The Conference of State Bank Supervisors (CSBS) today announced the appointment of Bo Berlas as its new Chief Information Security Officer (CISO). With over 20 years of leadership experience in cybersecurity, Berlas will oversee CSBS’s information security strategy, ensuring the protection of its digital assets, fostering a strong security culture within CSBS, and building a technology platform

I’d like to thank Secretary Yellen for her leadership on this Council, and to my fellow regulators for another productive and collaborative year working to protect the American people, the institutions we regulate, and the global financial system from new and emerging risks. I’d also like to thank the Treasury staff and detailees for putting together this year’s Annual Report

NYDFS Superintendent Adrienne Harris Concludes Her Service Washington, D.C. — State bank supervisors have appointed North Dakota Department of Financial Institutions Commissioner Lise Kruse to serve as the state banking representative on the Financial Stability Oversight Council (FSOC), effective Jan. 1, 2025. She will succeed New York State Department of Financial Services Superintendent Adrienne Harris, who will conclude her two-year

This roadmap highlights key NMLS enhancements that will occur over the next six years in six different phases. Our Strategy We are modernizing NMLS using a long-term strategy focused on enhancing the system and improving the user experience. Our development priorities are to: Ensure system enhancements benefit as many system users as possible by: Focusing on areas that impact the

Congratulations to the student team from the Commonwealth University of Pennsylvania for winning the 2024 CSBS Community Bank Case Study Competition! Competing against 27 other teams, the students analyzed First Citizens Community Bank in Mansfield, Pa., focusing on lessons learned from the 2023 bank closures, anticipated regulatory and supervisory changes, and the role of social media. Each year, CSBS hosts