DFS SUPERINTENDENT VULLO ANNOUNCES JULY 1ST LAUNCH OF EXPANDED PARTICIPATION IN STATE-BASED NMLS PLATFORM, ENHANCING STATE REGULATION OF THE FINANCIAL SERVICES INDUSTRY

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS)’s transition to the Nationwide Multistate Licensing System and Registry (NMLS) for money transmitters is commencing July 1, 2017.  In this transition, DFS will manage the license application and ongoing regulation of all nondepository financial institutions doing business in New York through NMLS, which was created by the State Conference of Bank Supervisors (CSBS) and began operations in January 2008.