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Summer 2017 Newsletter
Message from Charlie Clark
I hope you are all enjoying some summertime weather in the beautiful Pacific Northwest or wherever your summer travels may take you.
In the last newsletter I told you about the passage of our agency request legislation amending the Uniform Money Services Act (chapter 19.230 RCW). As we commonly do following statutory amendments, we have begun a rulemaking to implement the changes. The rulemaking is in the very early stages, and we expect to have considerable industry input as we did with the statute. See the Rulemaking Update for a link to the rulemaking page where you can follow the rulemaking. We look forward to your comments when we have draft language ready for review.
On May 20, 2017, the Conference of State Bank Supervisors announced a series of initiatives to modernize state regulation of non-banks, including financial technology firms. Vision 2020 is the catch phrase for this set of initiatives. The goal of these initiatives is to create a regulatory system that makes supervision more efficient to better support business innovation, economic growth and consumer protection. Among the initial actions planned is a redesign of the Nationwide Multistate Licensing System to be known as NMLS 2.0. A more modern technology platform will support the new system. The redesign will provide a more automated licensing process for new applicants, streamline multi-state regulation, and help states shift resources from routine processing to higher risk case management. You may follow along with the plans and progress at NMLS 2.0 Website. If you have feedback or suggestions, join a Yammer group or email your input to NMLS2.0Feedback@csbs.org.
For details about licensing and for information about examinations, please continue reading. And, as always, if you have questions, please contact me.