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

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

The FDIC should refrain from adopting a final rule based on its unilateral Change in Bank Control Act proposal, CSBS said in a comment letter. The proposal could make it more difficult for state nonmember banks with a parent holding company to access capital by creating unnecessary regulatory redundancies and uncertainties for active investors, passive investors, and their banking organization

CSBS completed phase one of NMLS modernization enhancements on July 20. Two key enhancements included introducing a new login experience and the ability for NMLS users with more than one NMLS account to access all their accounts using their new, single login. With these enhancements, CSBS set goals to track and achieve user change or “adoption” of the system changes

By Thomas F. Siems, Ph.D., CSBS Chief Economist After nearly three years, community banker sentiment is signaling an encouraging outlook. The CSBS third quarter 2024 Community Bank Sentiment Index (CBSI) indicates that community bankers are the most optimistic they have been since mid-2021, although some concerns persist. The Federal Reserve’s aggressive monetary policy tightening in 2022 and 2023, and the

CSBS has enhanced NMLS to provide users more self-service options to reset their username and password without having to contact the NMLS Call Center or their account administrator. This enhancement puts the ability to manage a personal task back into the hands of system users. The new username and password reset process follows best practices for maintaining secure NMLS access

CSBS has enhanced NMLS to provide industry users with a simplified account setup and management process. The new streamlined and secure process allows NMLS industry users to create one username and password to access NMLS. This enhancement improves the account management process for more than 50,000 NMLS users who have more than one account. How it works The username for