CSBS Vice President Mortgage Testing & Education Programs Rich Madison Completing continuing education (CE) each year is an important step state-licensed mortgage loan originators (MLOs) must take before they can renew their license to conduct mortgage business for the coming year. However, a CSBS investigation in October revealed 14 MLOs associated with one mortgage company did not provide adequate identification
In November 2023, we invited more than 60,000 NMLS users to participate in a survey to measure their satisfaction with the system and over 1,400 responded. The survey consisted of two parts: customer satisfaction and system usability. Survey results suggested that, on average, 85% of users are satisfied with their NMLS experience. However, survey comments indicated there are aspects of
The California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of the California wildfires and straight-line winds on the customers and operations of many financial institutions and will provide appropriate regulatory assistance
Community Bank Vitality, State-Federal Partnerships, and State Nonbank Authority are 2025 Priorities Today, on behalf of state financial regulators, the Conference of State Bank Supervisors (CSBS) asked new Congressional leaders to advance policies that support community banking, enable effective state-federal partnerships, and safeguard the dual-banking system. A similar letter will be sent to Executive branch leadership in the next Administration
Community bankers are feeling upbeat about the economic future. The Conference of State Bank Supervisors’ (CSBS) fourth quarter 2024 CSBS Community Bank Sentiment Index (CBSI) surged 17 points to 127 compared to last quarter’s survey, reaching its highest mark since the survey began in 2019. The overall index was driven higher mostly on expectations of a more-balanced regulatory burden and
Washington, D.C.— Fifty-three state financial regulatory agencies have taken coordinated action against mortgage company Bayview Asset Management LLC and three of its affiliates, Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings (collectively the Bayview Companies), for deficient cybersecurity practices and for not fully cooperating with state regulators following a data breach that impacted 5.8 million customers. The $20 million
NMLS users tell us what they think about recent enhancements NMLS enhancements completed in July 2024 introduced a new login process for NMLS users, including the ability to access multiple NMLS accounts using a single login. In October 2024, we surveyed a select group of NMLS users to find out what they think about the system updates. The pool of
Washington, D.C.— In a coordinated enforcement action by 48 state financial regulators, Block, Inc. will pay an $80 million fine and undertake corrective action for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. More than 50 million consumers use Cash App, Block’s mobile payment service, to spend, send
Download the Full Comment Letter [PDF] James P. Sheesley, Assistant Executive Secretary Attention: Comments – RIN 3064-AG07 Federal Deposit Insurance Corporation 550 17th Street NW Washington, DC 20429 Re: Recordkeeping for Custodial Accounts Dear Sir, The Conference of State Bank Supervisors 1 (“CSBS”) supports the Federal Deposit Insurance Corporation’s (“FDIC”) notice of proposed rulemaking entitled “Recordkeeping for Custodial Accounts” (“proposal”)