Washington, D.C. – State regulators issued today three annual reports highlighting the state of non-bank supervision in the U.S. The reports were developed collaboratively by state agencies participating on the State Coordinating Committee, the Multi-State Mortgage Committee, and the Multi-State MSB Examination Taskforce, which are each charged with coordinating the supervision of multi-state, non-depository financial services providers. The reports provide significant insight into the non-bank financial market, as well as advancements among state regulators to effectively oversee multi-state non-depository industries in 2016.
The Multi-State MSB Examination Taskforce (MMET) is the coordinating body responsible for multi-state MSB supervision. Highlights from the MMET 2016 Annual Report include:
- A total of 56 multi-state MSB examinations conducted.
- Examinations of 98 percent of money transmitters operating in 40 or more states, by at least one state.
- Examinations of 78 percent of money transmitters operating in 20 or more states, by at least one state.
The MMET 2016 Annual Report is available here.
The State Coordinating Committee (SCC) is the multi-state regulatory oversight group responsible for the coordination of multi-state non-bank financial services exams with the Consumer Financial Protection Bureau (CFPB). Highlights from the SCC 2016 Annual Report include:
- The facilitation of multi-state examinations with the CFPB that included mortgage origination and servicing, debt collection, payday lending entities, money services businesses, and - for the first time ever - auto lending.
- The development and deployment of updated examination tools that allow state regulators to better share information, streamline coordinated supervision, and reduce regulatory redundancies.
The SCC 2016 Annual Report is available here.
The Multi-State Mortgage Committee (MMC) is the main multi-state coordinating body for the state system of mortgage supervision. Highlights from the MCC 2016 Annual Report include:
- A continued increase in focus on non-bank mortgage servicing examinations.
- The implementation of a guide for regulators to better coordinate mortgage servicer supervisory actions.
- The widespread deployment of an examiner tool that will guide state regulators’ risk-based approach to mortgage supervision.
The MMC 2016 Annual Report is available here.