John Ducrest has been named the new chairman of the Board of Managers of the State Regulatory Registry, a subsidiary of the Conference of State Bank Supervisors (CSBS).
Ducrest is the commissioner of the Louisiana Office of Financial Institutions.
The State Regulatory Registry manages the business operations of the Nationwide Multistate Licensing System (NMLS). The NMLS is the common platform state regulators use to oversee nonbanks, such as those in mortgages, money transmission, debt collection and consumer finance.
“Commissioner Ducrest will lead our efforts to redesign NMLS, with the goal of transforming the licensing process and enabling the streamlining of multi-state supervision. Redesigning NMLS is a key component of CSBS Vision 2020 for fintech and non-bank regulation,” said CSBS Chairman Albert Forkner, who also serves as the commissioner of the Wyoming Division of Banking.
Through NMLS, 21,000 companies operate as state-licensed entities, and an additional 10,000 are federally registered. Further, NMLS Consumer Access is a website that allows consumers to check on companies with which they work.
Through CSBS’s Vision 2020 plan, state regulators will work to adopt an integrated, 50-state licensing and supervisory system, leveraging technology and smart regulatory policy to transform the interaction between industry, regulators, and consumers.