The Conference of State Bank Supervisors issued a press release this week in which it announced the April 1 release of a new tool within the Nationwide Multistate Licensing System (NMLS) to streamline reporting by money services businesses. The new tool is called the “Money Services Businesses (MSB) Call Report.”
The press release quotes a Vermont regulator who stated that the call report information “will provide complete and meaningful information on MSBs, including fintech companies licensed to do business as money transmitters, and assist state regulators to better analyze risk, monitor compliance, and make more informed and timely decisions when it comes to MSB supervision.” The press release also indicated that the new reports “will also provide a unique, detailed snapshot of fintech companies as they mature and evolve.”
Licensees are required to file the new report within 45 days of the end of the first quarter (May 15). According to the press release, 18 states (covering 25 money transmitter, money service, check casher/seller and currency exchange licenses) have adopted the report for the first quarter of 2017 and seven more states are expected to adopt it in the near future.
The reports include national and state specific MSB activity that is submitted on a quarterly and annual basis. The MSB Call Report is the first comprehensive report to consolidate state MSB reporting requirements and provide a database of nationwide MSB transaction activity. More detailed information regarding the MSB Call Report is available on the MSBCR webpage.