Modernized NMLS Licensing System on the Horizon: Stakeholders Invited to Comment

The opportunity for public comment on creating uniform licensing standards across state agencies is available until May 31.

5/13/2021 8:00 AM

ComplianceNewsStateAdvocacy
Modernized NMLS Licensing System on the Horizon: Stakeholders Invited to Comment

Accounts receivable management industry users of the Nationwide Multistate Licensing System (NMLS) are invited to submit comments on proposed requirements that will drive a standardized approach to the licensing process in the modernized NMLS.

The Conference of State Bank Supervisors (CSBS) is seeking input on the proposal until May 31, 2021.

Establishing a standardized licensing approach based on uniform requirements across all state nonbank financial regulatory agencies is an essential step toward building a modernized NMLS and is one of CSBS’s Networked Supervision priorities for 2021.

The new NMLS will be more automated, data-driven and user-friendly for applicants, licensees and regulators, according to CSBS.

“State agencies are evolving nonbank financial regulation by creating a system that preserves local accountability while also moving towards a more coordinated, standardized approach to regulation,” said CSBS President and CEO John W. Ryan in a news release. “This shift will streamline the licensing process for both state agencies and licensees. We welcome the input of industry as vital stakeholders of NMLS.”

Key components of the proposal include:

  • A three-part licensing framework that distinguishes requirements as core, business-specific and license-specific, with the goal of creating uniform license requirements and reducing variations among state agencies as much as possible.
  • A listing and description of each core requirement as it applies to companies and individual licensees.
  • An overview of the identity verification process users will complete when creating an account in the new NMLS.

In addition to comments on the specific proposals, CSBS invites stakeholders to provide any specific concerns your company may have. During the comment period, CSBS will schedule a conference call to provide an opportunity for open discussion regarding this proposal. Each company should submit one response that represents all its comments, feedback, and views on the proposal. Submissions must include contact information.

Comments should be emailed to comments@csbs.org.

The money services businesses (MSB) industry will be the first industry to transition to the modernized NMLS, with implementation expected to occur in 2022.

In addition to the MSB industry, currently NMLS is used to manage licensing for the mortgage, debt and consumer finance industries.

For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at licensing@acainternational.org or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

Modernized NMLS Licensing System on the Horizon: Stakeholders Invited to Comment

Accounts receivable management industry users of the Nationwide Multistate Licensing System (NMLS) are invited to submit comments on proposed requirements that will drive a standardized approach to the licensing process in the modernized NMLS.

The Conference of State Bank Supervisors (CSBS) is seeking input on the proposal until May 31, 2021.

Establishing a standardized licensing approach based on uniform requirements across all state nonbank financial regulatory agencies is an essential step toward building a modernized NMLS and is one of CSBS’s Networked Supervision priorities for 2021.

The new NMLS will be more automated, data-driven and user-friendly for applicants, licensees and regulators, according to CSBS.

“State agencies are evolving nonbank financial regulation by creating a system that preserves local accountability while also moving towards a more coordinated, standardized approach to regulation,” said CSBS President and CEO John W. Ryan in a news release. “This shift will streamline the licensing process for both state agencies and licensees. We welcome the input of industry as vital stakeholders of NMLS.”

Key components of the proposal include:

  • A three-part licensing framework that distinguishes requirements as core, business-specific and license-specific, with the goal of creating uniform license requirements and reducing variations among state agencies as much as possible.
  • A listing and description of each core requirement as it applies to companies and individual licensees.
  • An overview of the identity verification process users will complete when creating an account in the new NMLS.

In addition to comments on the specific proposals, CSBS invites stakeholders to provide any specific concerns your company may have. During the comment period, CSBS will schedule a conference call to provide an opportunity for open discussion regarding this proposal. Each company should submit one response that represents all its comments, feedback, and views on the proposal. Submissions must include contact information.

Comments should be emailed to comments@csbs.org.

The money services businesses (MSB) industry will be the first industry to transition to the modernized NMLS, with implementation expected to occur in 2022.

In addition to the MSB industry, currently NMLS is used to manage licensing for the mortgage, debt and consumer finance industries.

For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at licensing@acainternational.org or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

Loading...

Loading...

Scroll to Top