The system, which is being redeveloped and modernized with leadership by the Conference of Bank Supervisors, will be temporarily unavailable for consumers and licensees.
7/14/2021 9:00
The Nationwide Multistate Licensing System (NMLS) and NMLS Consumer Access will be unavailable for planned system maintenance from 8 p.m. EDT Wednesday, July 21, through 7 a.m. EDT Monday, July 26.
If you have questions about the upcoming system maintenance, please contact the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123), 9 a.m. to 9 p.m. EDT Monday through Friday.
NMLS users will see a modernized system next year.
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 the Conference of State Bank Supervisor’s Networked Supervision priorities for 2021, ACA International previously reported.
The new NMLS will be more automated, data-driven and user-friendly for applicants, licensees and regulators, according to CSBS.
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.
The money services businesses (MSB) industry will be the first industry to transition to the modernized NMLS, with implementation expected to occur in 2022, ACA previously reported.
In addition to the MSB industry, currently NMLS is used to manage licensing for the mortgage, debt and consumer finance industries.
More information on preparing for the NMLS maintenance is available in a Consumer Financial Services Review blog post by the Mayer Brown law firm.
ACA’s licensing staff is also available. For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.