The platform includes options to track and communicate about complaints between state regulators and financial institutions they supervise.
9/23/2020 11:30
The Conference of State Bank Supervisors (CSBS) State Examination System (SES) announced this year they will include a consumer complaint feature for state agencies to begin using effective Sept. 28, 2020.
According to the CSBS, the SES is the “first nationwide platform to bring state regulators and companies into the same technology space for supervision, fostering greater transparency and collaboration. Through SES, state regulators will be able to enhance supervisory oversight of nonbanks while making the process more efficient for regulators and companies alike,” according to a news release.
It is developed and operated by the State Regulatory Registry (SRR), a CSBS subsidiary that also operates the Nationwide Multistate Licensing System (NMLS).
Overall, SES is built to:
- Support networked supervision among state regulators.
- Standardize workflow, business rules and technology across states.
- Facilitate secure collaboration between licensees and their regulators.
- Help examiners focus more attention on higher-risk cases.
- Move state supervision toward more multistate exams and fewer single-state efforts.
As part of the SES, the consumer complaints feature is an end-to-end platform for state regulators and companies to collaborate, execute and participate in the state supervision process.
Through the SES platform, state regulatory agencies will be able to track and manage consumer complaints about financial institutions they supervise and communicate with those institutions about the complaint, according to the CSBS.
Financial institutions will receive a notice from their state regulatory agency to enroll in the system.
ACA International is researching the new system further and will provide any available updates for members. Resources for companies are also available through the CSBS website. CSBS will host a webinar about the SES consumer complaint system at 2 p.m. EDT, Thursday, Oct. 8.
For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at [email protected] or call (952) 926-6547.