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

By CSBS Chief Economist Thomas F. Siems, Ph.D. With the CSBS second quarter 2023 Community Bank Sentiment Index ( CBSI) dropping again to another record low, community banker pessimism on the outlook for the U.S. economy appears to have fallen into a dark abyss. All seven components that comprise the index fell from the previous quarter, with three indicators setting

June is National Homeownership Month, a time to recognize the value of homeownership and encourage prospective homeowners. NMLS Consumer Access, established in accordance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”) to help promote consumer protection, is the website prospective homeowners can use to verify if the mortgage company or professional they are working

By CSBS Chief Economist Thomas F. Siems, Ph.D. Last month’s high-tech bank runs, liquidity complications and subsequent closure of three high-profile banks surprised many bankers and investors. While the FDIC and the Federal Reserve acted quickly to maintain confidence by providing a higher backstop for depositors and creating greater lending capacity for all financial institutions through the Fed’s Bank Term

By CSBS Chief Economist Thomas F. Siems, Ph.D. The CSBS first quarter 2023 Community Bank Sentiment Index (CBSI) indicates that community bankers are more pessimistic than at any time since the survey’s creation in 2019. Consistent with the 2022 quarterly CBSI surveys, three of the seven components plunged the index sharply lower: future regulatory burden, monetary policy expectations, and the

State financial supervisors are increasing coordination with each other through Networked Supervision, a dynamic and collaborative approach to supervision. The State Examination System ( SES) launched in 2020, is leading the way for CSBS technology platforms by allowing company exams to be conducted in a more uniform, efficient manner. Today, South Dakota Department of Labor and Regulation license examiner Paul

State regulators today asked the Consumer Financial Protection Bureau (CFPB) to reconsider its proposed registry for nonbank businesses that are subject to public orders for violations of federal or state consumer protection laws. The proposed registry would exceed the CFPB’s authority and is not needed to identify repeat offenders, the Conference of State Bank Supervisors said in a comment letter

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

FinCEN should be more explicit in its inclusion of state regulators as agencies that can request access to its forthcoming beneficial ownership information database, the Conference of State Bank Supervisors (CSBS) said in a comment letter submitted today. The Corporate Transparency Act requires a wide range of entities to report their beneficial ownership information to FinCEN. It also tasks FinCEN

By CSBS Chief Economist Thomas F. Siems, PhD Don’t ask an economist if you want a timely prognosis on whether the nation’s economy is in a recession. Ask a community banker instead. Four years ago, CSBS launched its Community Bank Sentiment Index ( CBSI), which is now available on the federal Reserve Economic Data, known as the FRED. The CBSI