The Conference of State Bank Supervisors (CSBS) has announced banking license renewal requests are on the rise.
Officials said state regulators have approved roughly 337,000 license renewal requests in the Nationwide Multistate Licensing System (NMLS) for 2018 – representing a 9 percent increase compared to the same time last year.
Regulators provided a breakdown revealing renewal applications have been approved for over 24,000 companies, 39,000 branches, and 273,000 individuals.
“We’ve been diligently encouraging non-depository entities to submit renewal requests early to ensure their licenses will be approved by Dec. 31,” Kelly O’Sullivan, chair of the NMLS policy committee and deputy commissioner of the Montana Division of Banking and Financial Institutions, said. “We want licensees to be ready to do business at the start of the new year.”
While the renewal period for licenses managed in NMLS started Nov. 1 and continues through Dec. 31, officials said, licensees are encouraged to complete renewals by Dec. 31 to avoid the possibility of their licenses being terminated Jan. 1, 2018.
CSBS officials said the group is a national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.
It supervise roughly three-quarters of all American banks and a variety of on-depository financial services.