News

A group of state regulators announced disclosure requirements for money services businesses that will feed a new public database intended to streamline monitoring of the remittance industry. In a statement issued Tuesday, the Conference of State Bank Supervisors said that beginning next month, MSBs must begin submitting details about their assets, liabilities and state-by-state transactional activity in call reports to the Nationwide Multistate Licensing System, or NMLS. The data must be provided quarterly as well as annually, the group said. State regulators claimed in the announcement that the effort would allow for more thorough monitoring of financial technology firms, also...