State regulators support the Federal Reserve Board of Governors’ efforts to improve the discount window’s accessibility and reduce its stigma so that it can serve as an effective and efficient source of liquidity, CSBS said in a comment letter today in response to a request for information. The discount window is a critical source of liquidity for the banking system

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 Mark Hastie! State financial regulators are focused on implementing consistent standards and practices across the state system to streamline the regulation of nonbank financial companies operating in multiple states. Minnesota is

The FDIC should rescind its brokered deposits proposal, CSBS said in a comment letter today. The proposal would needlessly disrupt an important source of bank funding and cause other complications with no clear justification. “The brokered deposits proposal fails to meet the rigorous, fact-based, and data-driven rulemaking standard stakeholders deserve,” said CSBS President and CEO Brandon Milhorn. “This proposal takes

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

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