State Regulatory Registry Releases 2013 Annual Report

Targeted News Service |

WASHINGTON, June 26 -- The Conference of State Bank Supervisors issued the following news release: The State Regulatory Registry LLC, a subsidiary of the Conference of State Bank Supervisors, released its 2013 annual report today highlighting accomplishments and enhancements to the Nationwide Multistate Licensing System's (NMLS or the System) functionality and operations. In 2013, SRR spent significant resources to modify NMLS functionality to allow state agencies to license additional non-depository financial service industries through the System, to improve NMLS functionality and operations for industry and state regulators, and to add functionality to meet SAFE Act requirements. Highlights from the SRR Annual Report include: * The launch of the National Test with Uniform State Content (UST) for mortgage loan originators (MLOs). By year-end, 39 state agencies had adopted the UST. * The addition of 11 state agencies using NMLS to license a wide range of non-depository financial services industries, resulting in a total of 24 state agencies managing 68 non-mortgage license types in the debt, consumer finance, and money services business industries. * The addition of major functionality added to NMLS, including the ability to submit advance change notices, an education management system, uniform authorized agent reporting for money transmitters, and federal disciplinary actions availability in NMLS Consumer Access, among others. "Over the past year, SRR's main focus for NMLS was fourfold: expanding the use of the System by other state agencies with oversight of the debt, consumer finance, and money services business industries; enhancing System operations; adding new functionality; and implementing the UST," the SRR Board of Managers stated in the Annual Report letter. "We greatly appreciate the time, energy, and other resources provided by regulators and industry that made new NMLS functionality and enhancements possible." An electronic copy of the 2013 SRR Annual Report is available here. (http://www.csbs.org/srr/Documents/SRR\%20AR\%202013\%20Final\%20(Web)\%20(2).pdf) SRR: A subsidiary of the Conference of State Bank Supervisors (CSBS), the State Regulatory Registry LLC (SRR) is a non-profit entity that operates the Nationwide Mortgage Licensing System and Registry (NMLS) on behalf of state financial services regulatory agencies. SRR is governed by an eight-member Board of Managers comprised of state banking and financial regulators and a representative of the American Association of Residential Mortgage Regulators (AARMR). The SRR Board of Managers is responsible for all development, operations, and policy matters concerning NMLS. NMLS: The Nationwide Multistate Licensing System and Registry (NMLS) is a web-based system that allows state-licensed non-depository companies, branches, and individuals in the mortgage, consumer lending, money services businesses, and debt collection industries to apply for, amend, update, or renew a license online for all participating state agencies using a single set of uniform applications. Mortgage loan originators employed by insured depository institutions are also registered through NMLS. NMLS brings greater uniformity and transparency to these non-depository financial services industries while maintaining and strengthening the ability of state regulators to monitor these industries and protect their citizens. NMLS began operation on January 2, 2008. All individual mortgage loan originators are represented in the system. [Category: Banking] TNS 24HariCha-140627-30FurigayJane-4780685 30FurigayJane

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