Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
Two states have recently finalized significant updates to their money transmission laws, signaling continued nationwide alignment with the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act...more
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
In a move that's sure to make nonbank financial institutions even more uncomfortable, the Consumer Financial Protection Bureau (CFPB) has decided to shine a brighter light on those that have been alleged to violate consumer...more
Nevada has become the first state to enact a law that establishes a financial services licensing regime for earned wage access services (aka on-demand pay services), which allow workers to access earned but unpaid income...more
When the calendar turned to 2020, my first thought was about how futuristic the year sounded and what kind of interesting things it had in store. At that time, no one could possibly have imagined that some of those...more
This morning (Wednesday, July 1), the South Dakota Division of Banking posted a Mortgage Branch Registration requirement to the Nationwide Multistate Licensing System (NMLS). According to the NMLS Description of this...more