State Regulators to Share Licensing Data with Federal Trade Commission
Washington, D.C. – The Conference of State Bank Supervisors (CSBS) has agreed to share all non-confidential licensing information from the Nationwide Multistate Licensing System (NMLS) with the Federal Trade Commission. The FTC will gain access to NMLS data on regulated companies, including ownership information. Public FTC enforcement actions will be added to the NMLS database and shared with state regulators and the public.
Thomas Pahl, Acting Director of the FTC’s Bureau of Consumer Protection, said, “Ready access to information on companies under our jurisdiction will increase the efficiency of the FTC’s consumer protection investigations, and will facilitate increased coordination with our state law enforcement partners.”
John Ryan, CSBS president and CEO, added, “The NMLS has become a vital resource for regulators and law enforcement agencies at all levels. And we are pleased to share data that helps better protect consumers.”
As the primary regulator for non-banks, state regulators use the NMLS to license and supervise mortgage companies, money transmitters, debt collectors, and consumer finance companies. Currently, more than 21,000 companies are licensed through NMLS. CSBS also manages NMLS Consumer Access, an online portal where consumers can find out more information about the financial companies they work with.
The NMLS shares select data with several federal agencies, including the Office of Financial Research (OFR), Consumer Financial Protection Bureau (CFPB), Financial Crimes Enforcement Network (FinCEN), Federal Housing Administration (FHA), and now the FTC.
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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.