NMLS has recently announced on their website that Connecticut and South Dakota have joined the 26 states and territories that have transitioned to NMLS, with at least one more state joining before year end. By 2016, Derek Schultz, Director, Policy, estimates that an additional 4-5 states will transition to the system. According to NMLS, as of March 31, 2015, there were 1,698 companies in NMLS who hold a total of 3,353 approved MSB licenses.
On May 11, 2015, NMLS held a call with state regulators, including Sue Clark, Vermont Department of Financial Regulation, Stephanie Newberg, Texas Department of Banking, and Robin Lobb, Kansas Office of the State Bank Commissioner, among others, to discuss issues faced by money services business (MSB) licenses, such as control person attestations, invoice consolidation, renewal deadline and Uniform Authorized Agent Reporting uploads. Starting with the upcoming September meeting, the Industry Development Working Group (IDWG) will expand to include Money Service Businesses and selected industry members will be invited to participate with the purpose of providing industry feedback on system enhancements. This represents a win for the money service business industry, as it will provide an opportunity for the industry to have an active role and help shape future enhancements of NMLS.
Tim VanderWerp, Director of Training, noted NMLS maintains a wealth of information available to users, including many quick guides for companies and individuals, and live and recorded webinars. Mr. VanderWerp noted that users particularly like the live training, which will re-start in September in preparation for renewals. Beginning October 2015, NMLS will offer live webinars geared towards the renewal process, to help licensees walk through the requirements and process. NMLS emails will be sent out to the account administrators of each company registered in the system informing about these webinars, so be on the lookout for the upcoming training opportunities.
The Learning Management System available via NMLS provides live training sessions for $75.00 and recorded sessions for $40.00. There are a number of recordings available on past trainings through NMLS which include: new user training on how to fill out company forms, individual biographical forms for control persons, financial statement submission, best practices for maintaining your records, amendments and advance change notices, and managing company users and roles.
For the upcoming renewal live training sessions, NMLS will be providing software simulations for users providing a replicated hands-on experience of the renewal process to assist users with becoming familiarized with the process prior to renewing their licenses. This process will ease the apprehension, especially for those renewing licenses through NMLS for the first time.
In September, NMLS will also make improvements in the usability of the Annual Renewal page of the NMLS Resource Center, by marking tutorials and trainings with icons specific to each industry making it easier to locate information relevant to each type of license. A company renewal handbook tailored toward licensees in the money service business, debt, and consumer finance industries will be available for the upcoming renewal period.
For those licensees with multiple authorized delegates, there is a more imminent improvement that will be deployed this Monday, July 20th, which will allow multiple agents with the same address and same EIN to be uploaded to the Uniform Authorized Agent Report (UAAR), while keeping their unique identification. NMLS’ new functionality and enhancements are listed at Release Notes.
For additional information and a list of states currently on NMLS, visit the Money Services Business Fact Sheet. To receive notice when an NMLS checklist is updated, subscribe to the NMLS RSS feeds at RSS subscription in the bottom left corner of the home page on the Subscribe to NMLS News link.
An open meeting with the NMLS Ombudsman will be held on Tuesday, August 4, 2015 from 9:00 a.m. to 12:00 p.m. Central Time in conjunction with the American Association of Residential Mortgage Regulators (AARMR) Annual Regulatory Conference at the Roosevelt Hotel in New Orleans, Louisiana. Conference registration is not required to attend the meeting. The Ombudsman, Robert Niemi (Ohio Deputy Superintendent for Consumer Finance), is available, at any time, for questions or comments concerning NMLS, state agencies’ use of NMLS, or other relevant matters: firstname.lastname@example.org
Trish Lagodzinski has more than 19 years of experience in government contracting, project management and support. At Chartwell Compliance and, previously, Ascella Compliance, she has assisted with regulatory compliance matters dealing with state money services business licenses and related state and federal compliance regulations for a wide range of non-bank financial services companies. Her work has included leading a 50-state license application project in six months for a publicly traded customer. She also serves as an outsourced state license administrator for customers. For more information please contact Trish Lagodzinski at email@example.com.
Cristiane Fernandes has over 5 years of experience working in the payments industry and previously worked in Blackhawk Network’s Legal Department where she was involved in obtaining Blackhawk’s 46-states, plus the District of Columbia and Puerto Rico money transmitter licenses. For more information please contact Cristiane at firstname.lastname@example.org
Jennifer Naudin, J.D. is a Senior Compliance Analyst with Chartwell Compliance, where she focuses on state money transmitter licensing. She is a former Compliance Analyst for ADP, Inc., and has 9 years of experience in compliance, lending and money transmission licensing. For more information please contact Jennifer at email@example.com.