Washington, D.C.— Fifty-three state financial regulatory agencies have taken coordinated action against mortgage company Bayview Asset Management LLC and three of its affiliates, Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings (collectively the Bayview Companies), for deficient cybersecurity practices and for not fully cooperating with state regulators following a data breach that impacted 5.8 million customers. The $20 million
NMLS users tell us what they think about recent enhancements NMLS enhancements completed in July 2024 introduced a new login process for NMLS users, including the ability to access multiple NMLS accounts using a single login. In October 2024, we surveyed a select group of NMLS users to find out what they think about the system updates. The pool of
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
Download the Full Comment Letter [PDF] James P. Sheesley, Assistant Executive Secretary Attention: Comments – RIN 3064-AG07 Federal Deposit Insurance Corporation 550 17th Street NW Washington, DC 20429 Re: Recordkeeping for Custodial Accounts Dear Sir, The Conference of State Bank Supervisors 1 (“CSBS”) supports the Federal Deposit Insurance Corporation’s (“FDIC”) notice of proposed rulemaking entitled “Recordkeeping for Custodial Accounts” (“proposal”)
By CSBS Chief Economist Thomas F. Siems, Ph.D. Last week, CSBS announced the results of the CSBS fourth quarter 2024 Community Bank Sentiment Index (CBSI). Driven mainly by expectations for a more-balanced regulatory environment and better future business conditions, the CBSI surged to its most optimistic reading since the survey’s debut in 2019. What caused this sudden positive outlook? Chart
Washington, D.C. – In testimony today before the House Financial Services Committee, Arkansas Bank Commissioner Susannah Marshall warned that without collective action from Congress and the federal banking agencies, the nation will continue to lose community banks, threatening banking access for millions of Americans – especially those in rural and small-town communities. Marshall has served as Commissioner of the Arkansas
The Conference of State Bank Supervisors (CSBS) this week filed an amicus brief in the 9th Circuit Court of Appeals to highlight the importance of upholding state consumer protection laws when erroneously challenged by national banks. It is the third such amicus brief since the Supreme Court’s unanimous decision in Cantero v. Bank of America that courts must take a
Statement by CSBS President and CEO Brandon Milhorn on recently introduced legislation to reform or repeal the Consumer Finance Protection Bureau’s small business loan data collection requirements established under Section 1071 of the Dodd-Frank Act. “The CFPB final rule implementing section 1071 missed the mark. By going well beyond the data elements required by the law, the rule imposed unnecessary
2025 NMLS Annual Conference and Training Opening Remarks Brandon Milhorn Feb. 12, 2025 Good morning, everyone. It is great to be back at the NMLS Annual Conference — my second as President and CEO of the Conference of State Bank Supervisors. This is our largest audience ever at the conference — 842 total — with 313 from state agencies and