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Financial Services Industry CSBS

Troutman Pepper Locke

CSBS Issues Guidance on Virtual Currency and Tangible Net Worth

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On June 26, the Conference of State Bank Supervisors (CSBS) released new guidance regarding the treatment of virtual currency in the calculation of a licensee’s tangible net worth under the Money Transmission Modernization...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 64: Navigating Multistate Licensing and Supervision in a Digital Era

RegFi co-hosts Jerry Buckley and Sherry Safchuk are joined by Orrick partner Jedd Bellman, former Maryland Assistant Commissioner of Financial Regulation, for a deep dive into the evolving role of state regulators in...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 2025 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Troutman Pepper Locke

The Conference of State Bank Supervisors Pushes Back on STABLE Act

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The Conference of State Bank Supervisors (CSBS), a nationwide organization of state banking and financial regulators from all 50 states, the District of Columbia, and U.S. territories, has raised significant concerns...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday February 28, 2025

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February 27, 2025- The Division of Corporation Finance is providing its views on “meme coins” to provide greater clarity on the application of the federal securities laws to crypto assets....more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday February 3, 2025

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January 31, 2025 - The Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency will hold a virtual public outreach meeting on March 6, 2025, as part of their review of...more

Goodwin

Massachusetts Amends State Money Transmission Law to Apply to Domestic Transactions and Stored Value

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On January 1, 2025, Massachusetts Gov. Maura Healey approved House Bill No. 4840, which repeals and replaces Massachusetts’ money transmission law with a revised law (MTL Law), which is based in part on the model Money...more

Orrick, Herrington & Sutcliffe LLP

CSBS reinforces continuing education requirements for loan officers

On November 13, the CSBS reported that 14 mortgage loan originators (MLOs) associated with one company failed to provide the required information for completing their continuing education courses online, resulting in the loss...more

Ankura

Navigating the Future: The Evolution of NMLS

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In the dynamic landscape of financial services, the Nationwide Multistate Licensing System (NMLS) has emerged as a cornerstone for regulation and compliance. Serving as an online platform, NMLS facilitates the state license...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday August 28

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August 27, 2024 - The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window....more

Ballard Spahr LLP

CSBS to Release Enhancements to Nationwide Multistate Licensing System & Registry (NMLS) on July 20.

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The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20....more

Orrick, Herrington & Sutcliffe LLP

CSBS seeks comments on its 2025 NMLS fee increases proposals

On May 20, CSBS requested public feedback on a proposal to raise NMLS fees for the first time since the registry’s launch in 2008. This proposed fee increase will ensure NMLS remains functional and up to date while balancing...more

Orrick, Herrington & Sutcliffe LLP

CSBS and FHFA sign agreement to enhance information sharing on nonbank mortgage companies

On April 10, the Conference of State Bank Supervisors (CSBS) and the FHFA announced they have signed a memorandum of understanding (MOU) to enhance information sharing on nonbank mortgage companies. The MOU reportedly aimed...more

Stinson LLP

Wisconsin Adopts Model Money Transmission Modernization Act, Joining 19 Other States

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On April 4, 2024, the State of Wisconsin enacted S.B. 668 (the Act), repealing the state’s existing Seller of Checks Act, which solely regulated money transmitters with a physical presence in Wisconsin, and replacing the...more

Orrick, Herrington & Sutcliffe LLP

CSBS offers guidance for licensees to prepare for NMLS renewal

On October 24, CSBS released tips for licensees to prepare for NMLS renewal. As previously covered by InfoBytes, NMLS announced it will be rolling out a new version of its mortgage call report which will include new...more

Orrick, Herrington & Sutcliffe LLP

CSBS announces release of NMLS MCR Version 6 in Q1 2024

On October 13, 2023, the Conference of State Bank Supervisors (CSBS) announced the Nationwide Multistate Licensing System & Registry (NMLS) will be rolling out a new version of its Mortgage Call Report (MCR). In an effort to...more

Latham & Watkins LLP

Money Transmission Modernization Act Adopted in Several States

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The Act aims to modernize and streamline state regulation of money transmitters while promoting innovation and consumer protection. More than a dozen US states have enacted the Money Transmission Modernization Act (MTMA)...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Stinson LLP

Modernization of Money Transmission Laws

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While all states except Montana currently require licensure at the state level for entities seeking to act as a money transmitter, generally defined as an intermediary receiving money or monetary value for transmission to...more

Orrick, Herrington & Sutcliffe LLP

CSBS says state regulators need access to FinCEN’s beneficial ownership database

On February 14, the Conference of State Bank Supervisors commented that FinCEN should be more explicit in its inclusion of state regulators as agencies that can request access to FinCEN’s forthcoming secure, non-public...more

Alston & Bird

CSBS Releases Cybersecurity Programs to Help Nonbank Financial Services Institutions Improve Cybersecurity Posture

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On August 9, 2022, the Conference of State Bank Supervisors (CSBS) released two cybersecurity tools for nonbank financial services institutions to help prepare for state cybersecurity exams and, ultimately, improve...more

Cooley LLP

Arizona Embraces CSBS Model Money Transmission Law; West Virginia Incorporates Some Key Provisions

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On May 20, 2022, Arizona Gov. Doug Ducey signed Senate Bill 1580, which effectively replaces Arizona’s current money transmission law with the Model Money Transmission Modernization Act (the Model Act) announced by the...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, May 20, 2022

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The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the following nominations: The Honorable Michael S. Barr, of Michigan, to be a Member and Vice Chairman for Supervision of the Board of...more

Wilson Sonsini Goodrich & Rosati

Money Transmitter Model Law Poised to Change Regulatory Landscape

The Conference of State Bank Supervisors (CSBS) released its Money Transmission Modernization Act (Money Transmitter Model Law) (Model Law) to create a single money transmitter regulatory regime across the country and...more

Ballard Spahr LLP

Conference of State Bank Supervisors files new lawsuit to block OCC approval of Figure Technologies charter application

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The Conference of State Bank Supervisors (CSBS) has filed a lawsuit in D.C. federal district court to block the OCC from granting a national bank charter to Figure Technologies Inc. According to the complaint, Figure,...more

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