Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19.
Rhode Island Banking Division Announces Move to State Examination System
Licensees in Rhode Island will be able to track supervisory activity on the state system launched last year.
4/29/2021 8:00 AM
LicensingNewsStateCompliance
The Rhode Island Division of Banking will soon start using the State Examination System (SES) to conduct supervisory activities such as examinations and commencement of administrative actions, share consumer complaints and other supervisory activities with licensees.
The division sent out a notice to licensees April 13 with information on the impact to companies in the accounts receivable management industry, including efficiencies in understanding the status of supervisory activity and the ability to securely respond to regulator requests with easy document upload features.
Technology will be at the forefront in financial regulation and licensing this year.
3/4/2021 10:00 AM
AdvocacyNewsState
Financial services companies can expect greater integration of technology by state regulators, according to a speech on 2021 priorities from Conference of State Bank Supervisors (CSBS) President and CEO John Ryan at the Nationwide Multistate Licensing System (NMLS) annual conference in February.
For one, state regulators are advancing the use of “Networked Supervision,” which uses technology, data and uniform practices to strengthen regulation, according to a CSBS news release.
The main elements of networked supervision including assessing, licensing and chartering new businesses and banks faster and improving examinations of licensing businesses and chartered banks, according to CSBS. The program would produce real-time data on business and bank health and consumer protection.