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Media Release

Conference of State Bank Supervisors
        1129 20th Street, NW, 9th Floor, Washington, DC, 20036

 CSBS Announces Enhancements to NMLS; States to Soon Manage Additional Non-Depository Industries Through the System  

Scottsdale, Ariz. — The Conference of State Bank Supervisors (CSBS) and its affiliate – the State Regulatory Registry LLC  (SRR) – today announced plans to enhance the use of the Nationwide Mortgage Licensing System and Registry (NMLS or the System) to accommodate state use of the System for non-mortgage, non-depository financial services industries.

NMLS – the secure, web-based licensing system owned and operated by state regulators – is being modified for states to license or register entities in a number of financial services industries, including consumer lending, money services businesses and debt collection. A dozen states are scheduled to start transitioning existing licenses and registrations onto NMLS as soon as this April, with more to follow in 2013.

“NMLS has proven to be an effective tool in mortgage supervision by streamlining the regulatory process and enhancing consumer protection,” said David Cotney, Commissioner of Banks at the Massachusetts Division of Banks and chairman of the State Regulatory Registry LLC – a CSBS affiliate that operates NMLS. “The expansion of NMLS will now bring the efficiencies and improved oversight to additional state-regulated industries.”

State agencies, consumers and industry will find several benefits in the expanded use of NMLS. These benefits include increased efficiencies to the agency, both in terms of use of staff, fiscal resources and overall regulatory management; enhanced consumer protection though improved supervision of industry; and improved ability for licensees to manage their information with the state agency electronically, including a complete record of their filings and updates.

CSBS announced plans to expand NMLS during its fourth annual NMLS User Conference and Training in Scottsdale, Ariz. State agencies can begin expanded use of the System when new uniform licensing forms become available in April.

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