State Regulators Announce Changes to Money Services Businesses Reporting

Will Reduce Burden, Improve Supervision

Washington, D.C. – The Conference of State Bank Supervisors today announced the release of the Money Services Businesses (MSB) Call Report, a new tool within the Nationwide Multistate Licensing System (NMLS) that will streamline MSB reporting, improve compliance by the industry, and create the only comprehensivedatabase of nationwide MSB transaction activity.

 “We are proud to launch the MSB Call Report and, once again, use the NMLS platform to bring more uniformity to state licensing requirements, increase regulatory collaboration, and bring greater transparency to non-depository supervision,” said Sue Clark, Regulatory & Consumer Affairs Director at the Vermont Department of Financial Regulation.  “The information collected through these call reports will provide complete and meaningful information on MSBs, including fintech companies licensed to do business as money transmitters, and assist state regulators to better analyze risk, monitor compliance, and make more informed and timely decisions when it comes to MSB supervision.”

The enhanced reporting will also provide a unique, detailed snapshot of fintech companies as they mature and evolve.

The MSB Call Report was released in NMLS on April 1 and licensees are required to file by May 15. Currently, 18 state agencies have adopted the report for Q1 2017 and 80 percent of all money transmitters within NMLS will be expected to submit reports. Several additional states are expected to adopt the MSB Call Report in the near future.

The MSB Call Report includes national and state specific MSB activity that is submitted on a quarterly and annual basis. The report applies 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.

Visit the MSB Call Report webpage for more information.

Twitter: @CSBS @NMLS Info

The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.