Thank you, Jim, for your introduction, and thank you to everyone who has stayed to the end. I have an idea some of you are waiting for the announcement of the John W. Ryan award. But before I announce the winner, I want to take a few minutes to share my thoughts on this event and offer some ideas for
Washington, D.C. – Community bankers have a slightly rosier economic outlook for the first time in a year, according to the most recent Community Banker Sentiment Index (CBSI), released by the Conference of State Bank Supervisors (CSBS) today. While the third quarter CBSI remains below the neutral level of 100 for the seventh quarter in a row, it bounced up
State financial regulators and attorneys general levy a combined $20 million in fines for data misuse that impacted 480,000 consumers nationwide Washington, D.C.— Forty-four state agencies have reached settlements with ACI Payments, Inc., for erroneously initiating electronic transactions totaling $2.3 billion from the accounts of 480,000 mortgage-holders serviced by Mr. Cooper (formerly known as Nationstar Mortgage, LLC). State regulators levied
Washington, D.C. – A paper on regulatory risk perception earned the John W. Ryan Award for Most Significant Contribution to Community Banking Research at the 2023 Community Banking Research Conference. The conference’s planning committee chose the paper titled “Regulatory Risk Perception and Small Business Lending,” authored by Siddharth Vij with the University of Georgia-Terry College of Business and Joseph Kalmenovitz
By Thomas F. Siems, Ph.D., CSBS Chief Economist The CSBS third quarter 2023 Community Bank Sentiment Index ( CBSI) rebounded sharply from last quarter’s record low, with all seven components that comprise the index advancing. At 86, the index remains well below the neutral level of 100, but community banker pessimism on the outlook for the U.S. economy appears to
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 Anya Tabb! State supervisors have pooled resources for multi-state examinations of mortgage companies for decades, but as of next year, they will operate with a new multi-state supervisory protocol. Beginning in
Washington, D.C. – The Nationwide Multistate Licensing System (NMLS) has a new login process that requires users to update their username and password and establish account recovery details. State regulators encourage licensees to complete this process before Nov. 1 to save time during NMLS annual renewals. “We’ve made some improvements this year to the login process based on user feedback,”
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