By CSBS President and CEO Jim Cooper Fifteen years ago, Congress transformed the mortgage industry by mandating the use of a technology platform created by state financial regulators. Today, that platform allows millions of Americans to make financial decisions and transactions with confidence. Whether they’re obtaining a mortgage to make what is likely their largest lifetime purchase or sending money
Download the Comment Letter Financial Crimes Enforcement Network Policy Division P.O. Box 39 Vienna, VA 22183 FINCEN‐2021‐0005 RIN 1506‐AB49/AB59 Re: Notice of Proposed Rulemaking ‐ Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities Dear Sir or Madam, The Conference of State Bank Supervisors (“CSBS”) 1 appreciates the opportunity to comment on the Notice of Proposed
Washington, D.C.—The Conference of State Bank Supervisors (CSBS) today released the Money Transmission Modernization Act for state adoption as part of states’ broader effort to modernize the state financial regulatory system. In addition to supervising 79% of U.S. banks, state financial agencies are the primary regulator of the nation’s nonbank financial sector, which includes mortgage lenders and servicers, consumer finance
CSBS released a survey of consumer lending laws and regulations of all 50 states and Washington, D.C., today alongside a new policy paper that examines the nonbank consumer finance marketplace.
Washington, D.C.— In a coordinated enforcement action by 48 state financial regulators, Block, Inc. will pay an $80 million fine and undertake corrective action for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. More than 50 million consumers use Cash App, Block’s mobile payment service, to spend, send
A simple change in how to view and access information in the State Examination System (SES) can lead to increased satisfaction. The ability to export exam-related data for money services businesses (MSBs) into a customized template can generate excitement. That is some of the feedback state agency users expressed after a new round of SES updates were introduced in April
Over the last decade, money services businesses like Western Union and PayPal have increased in size and scope across the United States. In 2021, they handled $6 trillion in payments for U.S. consumers, a 117% increase from 2020. State financial regulators, who license and regulate these companies, have taken action to meet the changing needs of this growing sector. Several
By CSBS Products and Solutions Executive Vice President Vickie Peck CSBS recently hosted more than 650 state regulator and industry users at the 16 th NMLS Annual Conference & Training in San Antonio, Texas. You may wonder – another year, another conference at a busy, bustling venue, but what’s new? We shared the key enhancements coming this year to the
A student team from William & Mary has won the 2023 Data Analytics Competition, the Conference of State Bank Supervisors announced today. The annual Data Analytics Competition engages CSBS with the academic community. This year’s competition, held virtually on May 4, challenged students to develop a data analytics model that examines the potential impact on banks from the recent rapidly rising interest rate
Financial Crimes Enforcement Network Enforcement and Compliance Division P.O. Box 39 Vienna, VA 22183 FINCEN-2022-0007 RIN 1506-AB55 Re: Advance Notice of Proposed Rulemaking – No-Action Letter Process Dear Sir or Madam, The Conference of State Bank Supervisors (“CSBS”)1 appreciates the opportunity to provide input on the Advance Notice of Proposed Rulemaking (“ANPR”) issued by the Financial Crimes Enforcement Network (“FinCEN”)