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
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.
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
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
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
Download the Full Comment Letter [PDF] Ann E. Misback, Secretary Federal Reserve Board of Governors 20th Street and Constitution Avenue NW Washington, DC 20551 Docket No. OP-1866 Chief Counsel's Office Attention: Comment Processing Office of the Comptroller of Currency 400 7th Street SW, Suite 3E-218 Washington, D.C. Docket ID OCC-2025-0009 Jennifer M. Jones, Deputy Executive Secretary Federal Deposit Insurance Corporation
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
“Coordinated Policy: A Foundation for Mortgage Market Stability” Charlie Clark, Director, Washington State Department of Financial Institutions and CSBS Board Chair Opening Remarks CSBS/AARMR 2025 Mortgage Policy Summit May 20, 2025 Thanks, Tony and Good morning, everyone! I have to start by thanking the CSBS staff— this is the second Mortgage Policy Summit we’ve hosted, and I was the one
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”)
Certified Multistate Money Services Business Examiner in Charge (CMMBE) Candidates for the CMMBE designation must provide evidence of the following: Completion of a minimum of 5 years’ experience of on-the-job examination of money service businesses including on and off-site reviews of operational processes, review for compliance with state and federal consumer compliance regulations, and review of compliance with Bank Secrecy