The Conference of State Bank Supervisors (CSBS) will share all non-confidential licensing information from its Nationwide Multistate Licensing System (NMLS) with the Federal Trade Commission (FTC).
This will provide the FTC with data on regulated companies, including ownership information, from the NMLS database. In addition, public FTC enforcement actions will be added to the NMLS database so that it is accessible to state regulators and the public.
“Ready access to information on companies under our jurisdiction will increase the efficiency of the FTC’s consumer protection investigations, and will facilitate increased coordination with our state law enforcement partners,” Thomas Pahl, acting director of the FTC’s Bureau of Consumer Protection, said.
State regulators use the NMLS to license and supervise mortgage companies, money transmitters, debt collectors, and consumer finance companies. There are over 21,000 companies licensed through the NMLS. CSBS also manages NMLS Consumer Access, which is an online hub where consumers can learn more about financial companies.
“The NMLS has become a vital resource for regulators and law enforcement agencies at all levels. And we are pleased to share data that helps better protect consumers,” CSBS President and CEO John Ryan said.
In addition to the FTC, the NMLS also shares data with the Office of Financial Research (OFR), Consumer Financial Protection Bureau (CFPB), Financial Crimes Enforcement Network (FinCEN), and the Federal Housing Administration (FHA).