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At the Nationwide Multistate Licensing System (NMLS) Annual Conference, state financial regulators released an
updated cybersecurity examination tool for nonbank financial company supervision. The tool is designed for state regulators to use in examinations, but “companies are encouraged to use it to assess their cybersecurity health between examinations.”
State regulators are continuing to find new ways to help mitigate the ever-evolving cybersecurity risks that face nonbank financial companies. The Baseline Nonbank Security Exam Program (Exam Program) was originally developed to evaluate cyber risk management and identify weaknesses in an entity’s security program that require attention. The cybersecurity tool is the newest component of the Exam Program to assist state regulators in examining less complex and lower risk institutions.
Technology will be at the forefront in financial regulation and licensing this year.
3/4/2021 10:00 AM
AdvocacyNewsState
Financial services companies can expect greater integration of technology by state regulators, according to a speech on 2021 priorities from Conference of State Bank Supervisors (CSBS) President and CEO John Ryan at the Nationwide Multistate Licensing System (NMLS) annual conference in February.
For one, state regulators are advancing the use of “Networked Supervision,” which uses technology, data and uniform practices to strengthen regulation, according to a CSBS news release.
The main elements of networked supervision including assessing, licensing and chartering new businesses and banks faster and improving examinations of licensing businesses and chartered banks, according to CSBS. The program would produce real-time data on business and bank health and consumer protection.
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Every so often, the extent of state laws providing for the licensing of collection agencies needs to be re-examined. As every state, including two of the most prominent states, California and New York, historically had not licensed collection agencies,
1 the state licensing of collection agencies has not been given as much attention as has been given to the state licensing of other consumer finance activities. This changed in September 2020, when the California legislature, shortly before adjournment, enacted Senate Bill 908 to license debt collectors under a new law called the Debt Collection Licensing Act (the “DCLA”).
The CFPB Curtails the Activities of an Unlicensed Debt Collector: Striking a Chord Between State Licensing Compliance and the FDCPA Published on: 10 December 2020 at 12:00 p.m. ET Dec. 10, 2020, noon Dec. 10, 2020, 10:18 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00046913-cfpb-curtails-activities-unlicensed-debt-/
On December 8, 2020, the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order with RAB Performance Recoveries, LLC (RAB) for engaging in debt collection activity without a license in the states of Rhode Island, Connecticut and New Jersey. RAB’s failure to obtain any proper state licensing in those specific states led the CFPB to issue a fine of over $200,000 as well as a permanent order restraining RAB and its principals from