On May 1, CSBS reported on recent actions to streamline regulations.
CSBS issued blog on recent actions focused on streamlining regulations across States.
One Company One Exam
One Company, One Examprogram focuses on the examination of companies that operate in 40/more states, replaces individual examinations conducted by each State.
Follows CSBS Sep. 2020 rollout of program for nationwide payment firms, see #86574.
Supervisors can participate in/leverage/accept results of a company’s multistate exam.
Initially, the focus was on the money services market, now also on mortgage firms.
Money Transmission Modernization Act
Money transmission modernization act are standards and requirements created jointly by state regulators and industry experts, a uniform network of payments regulations.
CSBS approved law for nationwide implementation in 2021 and in 2023, 19 States were using various areas of the law, and expect further adoptions, see #191871.
Prudential Standards for Nonbank Mortgage Servicers
Increase in consumer mortgages resulted in the need for uniform standards to address servicers’ capital/liquidity levels, improve corporate governance and board oversight.
Standards were created so that nonbank mortgage servicers would be able maintain the financial capacity, governance, and risk management practices, see #112013.
States that have adopted the standards cover 98% of the nonbank mortgage market.
Nonbank Model Data Security Law
Sets a framework so nonbanks have the necessary measures to mitigate cyber threats, prevent data breaches, and uphold the integrity of the financial system, see #180484.
Aligned with FTC safeguard rule so implementation is easier for financial institutions.
Multistate MSB Licensing Agreement
Some States have adopted multiState MSB licensing agreement, standardized licensing process for new companies, with 33 states participating as of 2023, see #106223.
