A&B ABstract On August 9, 2022, the Conference of State Bank Supervisors (CSBS) released two cybersecurity tools for nonbank financial services institutions to help them prepare for state cybersecurity examinations and, ultimately, improve cybersecurity maturity and protect financial institution infrastructure. These tools are designed to address key aspects of the Uniform Rating System for Information […]
CSBS
NMLS Seeks Comments on Proposed Revisions to Company and Individual Disclosure Questions
A&B Abstract: The Nationwide Multistate Licensing System & Registry (NMLS) Policy Committee is inviting comments on the NMLS Disclosure Questions Proposal. The comment period is now open and runs until August 22. Among other revisions, the proposal details suggested revisions to the disclosure questions on the Company (MU1) and Individual (MU2) forms. Proposed Revisions to […]
Connecticut and Maryland Adopt Model Mortgage Servicer Prudential Standards
A&B Abstract: On May 24, 2022, Connecticut enacted legislation that, among other things, adds financial condition and corporate governance requirements for certain licensed mortgage servicers (the “CT Standards”). In similar fashion, the Maryland Commissioner of Financial Regulation (the “Commissioner”) issued a notice of final action on March 25, 2022 adopting similar standards by regulation (the […]
CSBS Proposes Prudential Standards for Servicers
A&B Abstract: The Conference of State Bank Supervisors (“CSBS”) proposed regulatory prudential standards (the “Standards”) to develop a consistent regulatory structure of nonbank mortgage servicers. Comments on all aspects of the Standards are encouraged by December 31, 2020. Background: Since the financial crisis, the rapid growth of mortgage bank mortgage servicers has led regulators to […]
CSBS’s State Examination System Coming Soon
A&B ABstract The Conference of State Bank Supervisors (CSBS) revolutionized state licensing with the National Mortgage Licensing System (NMLS) by providing a more uniform approach to state licensing of non-bank financial services companies. CSBS will bring a similar transformation to supervising such companies. The New State Examination System CSBS designed the State Examination System (SES) […]