The Conference of State Bank Supervisors is redesigning its Nationwide Multistate Licensing System to make it easier for regulators to license and supervise nonbank financial institutions like fintechs.
Regulators use the NMLS website to license companies that provide financial services like mortgages, money services, consumer finance and debt collection. A consumer access portal lets investors check up on the companies they work with.
“Technology and data are powerful tools that can create sweeping benefits throughout the financial regulatory system. And that vision drives our efforts with the next-generation NMLS. We are committed to nothing less than modernized state regulation for a modernized financial services industry,” John Ducrest, commissioner of the Louisiana Office of Financial Institutions, said in a statement.