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Expected House Bill Would Ease Interstate Data Sharing on MSB Exams

By Colby Adams

A soon-to-be introduced House bill could allow state financial examiners to better share the results of their money services businesses examinations with counterparts throughout the country. The measure, authored by Rep. Jim Renacci (R-OH), would uniformly extend privacy-related safe harbor protections to state agencies examining the businesses, known as MSBs. The expected legislation is intended to allow state examiners and federal agencies to glean broad compliance problems at MSBs and streamline licensing. Federal lawmakers have already conferred confidentiality protections for the sharing of mortgage loan originator data, but not information related to MSBs, said Deborah Bortner, director of consumer services...

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