On November 1, the Conference of State Bank Supervisors (CSBS) announced it is accepting state license renewal applications through December 31 from non-depository financial institutions that wish to continue operating in 2018. Institutions can submit licensing renewals through the Nationwide Multistate Licensing System (NMLS)—operated by CSBS on behalf of state regulators. However, CSBS warned institutions to apply early, noting that last year “almost 93 percent of renewal applications submitted by November 30 were approved by December 31, [but] only about 49 percent of license renewals requested after December 15 were approved by the end of the year.”

As previously announced in InfoBytes, the New York Department of Financial Services recently announced that it will transition licensed lenders and sales finance companies to the NMLS, as part of its continued initiative to link with other states and provide enhanced supervision of non-depository institutions.