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2017 Press Releases
Florida and Arkansas Begin Using Uniform Mortgage Test; 54 State Agencies Now Using the Test
State Regulators Oppose OCC Special Charter For Non-Banks
State Financial Regulators Release BSA/AML Compliance Tool for Industry
CSBS Board Appoints Wyoming’s Albert Forkner as Chairman-Elect
State Regulators Promote “Fintech Friendly” Features of National Registry
College Students Participate in Nationwide Community Bank Competition
Statement on the Illinois Fintech Regulatory Roundtables
CSBS Urges Congress to Weigh in Against OCC Non-Bank Charter
State Regulators Highlight EGRPRA Priorities for Financial Regulatory Relief
Gonzales, Hughes and Jones Re-Appointed to FFIEC State Liaison Committee
State Regulators Announce Changes to Money Services Businesses Reporting
State Regulators Issue Cease-and-Desist Orders to Subsidiaries of Ocwen Financial Corp.
CSBS Files Complaint Against Comptroller of the Currency
Gonzales Elected as State Liaison Committee Chairman
Stork Appointed to FFIEC State Liaison Committee
CSBS Announces Vision 2020 for Fintech and Non-Bank Regulation
CSBS Statement on New York Department of Financial Services Lawsuit Against OCC
CSBS Announces Five Finalist Teams in the 2017 Bank Case Study Competition
CSBS Announces New Leadership
The University of Akron Wins First Place in CSBS Community Bank Competition
Fed Chair Yellen Will Open 2017 Fed/CSBS Community Banking Research Conference;
FFIEC Proposes Additional Revisions to Streamline “Call Report” for Small Institutions
State Regulators Call for an End to One-Size-Fits-All Bank Regulation
State Regulators and U.S. Secret Service Issue Industry Best Practices for Combating Cyber Crime
Louisiana Regulator to Guide Nationwide Licensing and Supervision System for Fintechs and Other Non-Banks
State Regulators Issue Annual Reports on Non-Bank Supervision
CSBS Launches Fintech Advisory Panel to Help Modernize State Regulation
CSBS to OCC: Fintech Charter Lacks Legal Authority
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 2/14/2017 

Media Release

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

 State Regulators Promote “Fintech Friendly” Features of National Registry  

Austin, Tex. – Financial regulators from Texas and Louisiana today highlighted innovative, “fintech friendly” features of state regulation in remarks before the annual conference of the Nationwide Multistate Licensing System (NMLS).

“We have embraced what we call ‘reg-tech’ to take state regulation to the next level,” said Charles G. Cooper, Chairman of the Conference of State Bank Supervisors (CSBS) and Commissioner of the Texas Department of Banking. “It is a system that has made the licensing process more efficient, including for those operating on a national basis, all while ensuring transparency to the consumer.” 

“Because of NMLS, there is a robust, vibrant regulatory system for non-depository companies operating in the United States,” said Cooper. “NMLS is one of the great developments in financial regulation.”

State regulators use NMLS as a common platform for licensing and registration:

  • NMLS is the system of record for 62 state agencies
  • Through NMLS, companies engaged in mortgage lending, consumer finance, money services, and debt collection can obtain state licenses and operate in one or more states
  • In 2008, Congress embraced NMLS to license and register mortgage professionals, and lawmakers have continued to support NMLS as an efficient, effective licensing system
  • State regulators have cut in half average approval times to license new companies
  • Since 2011, the number of state-licensed mortgage companies operating nationwide has jumped 70 percent
  • State regulators and the industry have redesigned the business process for surety bond issuances
  • At year-end 2016, roughly 20,000 companies operated under state licenses in NMLS
  • In 2016, 3.7 million people viewed 100+ million web pages on NMLS Consumer Access

“NMLS gives us a regulatory platform to get innovators up and running, and enable existing companies to expand their reach,” said John Ducrest, Commissioner of the Louisiana Office of Financial Institutions. “We recognize that fintech has the potential to deliver financial services more easily and perhaps more broadly. But we also recognize that business innovations must protect consumers and the safety and soundness of the financial system.”

Ducrest explained how state regulators balance these goals by crafting regulatory regimes that:

  • Focus on business activities, not technology alone
  • Support businesses of all shapes and sizes
  • Ensure local accountability to small business and consumers
  • Adhere to regulatory evolution, not revolution
  • Encourage collaboration with other regulators to learn new approaches

“Financial technology is affecting so many business and policy decisions today,” said Ducrest. “Only by working together will we find the right answers.”

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