Washington DC — The Conference of State Bank Supervisors (CSBS) and its subsidiary – the State Regulatory Registry LLC (SRR) – announced today the expanded use of NMLS by five state banking agencies for the licensing and supervision of non-depository financial services industries beyond the mortgage industry.
With the implementation of updated uniform NMLS Licensing Forms, starting today, state regulatory agencies in Massachusetts, Oklahoma, Rhode Island, Vermont, and Washington are managing license authorities covering a range of industries, including money transmitters, debt collectors and sales finance companies.
“We are building upon the success NMLS has had in bringing greater consistency, transparency, and supervision to the oversight of the mortgage industry,” said David Cotney, Commissioner of Banks at the Massachusetts Division of Banks and Chairman of SRR. “Now, with updates to the System, state regulators have the ability to not only enhance oversight of the mortgage industry, but a broad range of financial services industries that provide important access to credit to American families.”
In addition to the five state agencies currently managing other license authorities on NMLS, six more agencies plan to expand their use of the System this year with an additional nine expected to do so in 2013. To view the list of state agencies expanding their use of NMLS, visit the NMLS website here.