Andrew Bigart and Evan Minsberg published "Progress and Challenges Streamlining State Financial Services Licensing" in the October issue of Global Banking & Finance Review. Here is an excerpt from the article:
Recent efforts by state regulators to streamline the process of applying for and obtaining state financial services licenses are a welcome development for non-bank financial services providers. In May 2017, the Conference of State Bank Supervisors (CSBS) announced "Vision 2020," an initiative designed to make the multistate licensing experience "as seamless as possible" by redesigning the Nationwide Multistate Licensing System (NMLS) and harmonizing multistate supervision. More recently, some state finance regulators have announced plans to push for greater coordination in licensing and supervision. Bryan Schneider, the Secretary of the Illinois Department of Financial and Professional Regulation and chairman of a multistate regulatory task force, has stated that "Our goal is uniformity across the United States."