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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
CSBS Names Kyle Thomas Vice President, Accreditation and Supervisory Processes
State Regulators File Suit Over Unauthorized Use of Licensing Test Information
Statement on Financial Innovation Symposium hosted by Western States Financial Regulators
2018 CSBS Case Study Competition to Focus on Financial Innovation
Federal and State Banking Agencies Issue Statement on Supervisory Practices Regarding Financial Institutions and Borrowers Affected by Hurricane Irma
State Regulators Launch Redesign for Next Generation Technology Platform; Core Component of CSBS Vision 2020
South Carolina Begins Using Uniform Mortgage Test; 57 State Agencies Now Using the Test
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 9/7/2017 

Media Release

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

 State Regulators Launch Redesign for Next Generation Technology Platform; Core Component of CSBS Vision 2020  

Washington, D.C. – The Conference of State Bank Supervisors (CSBS) has launched a major redesign of the Nationwide Multistate Licensing System (NMLS), the core technology platform used by state bank regulators. The redesign will enable regulators to transform the licensing and supervision of non-bank financial institutions, including fintechs.

John Ducrest, commissioner of the Louisiana Office of Financial Institutions, said: “Technology and data are powerful tools that can create sweeping benefits throughout the financial regulatory system. And that vision drives our efforts with the next-generation NMLS. We are committed to nothing less than modernized state regulation for a modernized financial services industry.”

He added: “Better risk management, greater efficiency, and the inclusion of a modern examination system, are among the benefits the next-generation NMLS will offer state regulators. Meanwhile, fintechs and other non-banks will benefit from faster licensing approvals, more standardized experiences, and smoother sailing to nationwide expansion.”

Ducrest is chairman of the Board of Managers of the State Regulatory Registry, a CSBS subsidiary that owns and operates NMLS on behalf of state regulators.

Regulators today use NMLS to license companies in non-bank industries such as mortgages, money services, consumer finance and debt collection. Further, NMLS Consumer Access is a website where consumers can check on companies they work with. For the NMLS redesign, CSBS selected PwC LLP (Price WaterhouseCoopers LLP) as the lead technology vendor, using the Appian platform, and Fieldprint as the criminal background processor.

Redesigning NMLS is part of a larger effort, CSBS Vision 2020, which state regulators are conducting as they move towards an integrated, 50-state system of licensing and supervision. Other initiatives include forming a fintech advisory panel, harmonizing multi-state supervision, and assisting state banking departments.

The following chart summarizes the work now underway for the next-generation NMLS:

 

Current NMLS

 

Next Generation NMLS

Benefit

Risk management

 

Uniform applications forms with limited distinction by risk Business tools to categorize applications by potential risk Regulators deploy more resources to higher-risk cases

Single-state licensing

 

Manual, independent reviews by each state Streamlined process for lower-risk applications Faster approvals for vast majority of applications

Multi-state licensing

 

States generally perform own licensing analysis States better able to access and rely on analyses from other states Non-banks can more quickly expand and maintain their market footprint

Examination

 

 

 

Not available in NMLS A state examination system with uniform process capabilities, data analytics, and information sharing among states Regulators can streamline many exam workflows

Supervision

 

 

Regulatory convergence has produced a standardized experience for mortgage firms Standardized regulatory experiences to develop for institutions other than mortgage firms A more consistent multi-state supervisory experience for non-banks
Consumer protection NMLS Consumer Access identifies licensed firms, locations and adverse regulatory actions More consumer-friendly terms to understand a firm's business, and inclusion of actions from more regulators Consumers able to make better-informed decisions on key financial services transactions

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