Washington, D.C. – The State Regulatory Registry LLC (SRR), a subsidiary of CSBS and the entity that oversees the Nationwide Multistate Licensing System and Registry (NMLS), has finalized its Money Services Businesses Call Report as part of state financial regulators’ efforts to enhance coordination and transparency in non-depository supervision.
Currently, approximately 36 state regulatory agencies require licensed money services businesses (MSBs) to submit quarterly or annual reports providing transactional activity and permissible investment amounts. In addition, most of these states also require MSBs to submit financial statements or financial condition information on an ongoing basis.
With the release of the new NMLS MSB Call Report, state regulators will soon have timely, comprehensive, and uniform information and reporting of an MSB’s financial condition, activities, and compliance with state requirements.
“Having this timely and uniform information in a single data portal will improve regulatory coordination among state regulatory agencies, as well as assist state-federal coordination with agencies like the CFPB and FinCEN,” said Robert J. Entringer, Chairman of SRR and Commissioner of the North Dakota Department of Financial Institutions. “The MSB Call Report also has the potential to reduce regulatory burden for MSBs by eventually eliminating the need to submit state specific reports. Additionally, the report will help to improve transparency, assisting in arguments against de-risking,” said Entringer.
The NMLS MSB Call Report, which deploys in the first quarter of 2017, will apply to licensees in states that adopt the report and engage in the following activities: money transmission, check cashing, issuing or selling travelers checks, issuing or selling drafts, foreign currency dealing and exchange, issuing or selling money orders, bill paying, issuing or selling prepaid access/stored value products, and virtual currency.
SRR first issued a draft proposal for its NMLS MSB Call Report in October 2015 while requesting feedback from the industry. After reviewing comments, the proposal was modified and issued in final form June 22, 2016.
The final NMLS MSB Call Report is available here.