NMLS 2.0 Update North American Collection Agency Regulatory Association

NMLS 2.0 Update  North American Collection Agency Regulatory Association NMLS 2.0 Update  North American Collection Agency Regulatory Association - Start

2018-12-06 9K 9 0 0

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(NACARA). October 3, 2017. Outline. What is NMLS?. Debt Collection Regulators on NMLS. NMLS 2.0 Development Overview. What is NMLS?. Nationwide Multistate Licensing System. Owned by state regulators. ID: 737157 Download Presentation

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NMLS 2.0 Update North American Collection Agency Regulatory Association




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Presentations text content in NMLS 2.0 Update North American Collection Agency Regulatory Association

Slide1

NMLS 2.0 Update

North American Collection Agency Regulatory Association(NACARA)October 3, 2017

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Outline

What is NMLS?Debt Collection Regulators on NMLSNMLS 2.0 Development Overview

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What is NMLS?

Nationwide Multistate Licensing SystemOwned by state regulatorsUsed by 62 state agencies & 5 federal agenciesSystem of SupervisionCollaborative supervision

Currently licensing

Soon to be investigations & examinations

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Debt Collectors on NMLS

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Debt Collection Licensing on NMLS

8 State Agencies1,189 debt collectors

3,657 licenses

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Debt Collection Licensing on NMLS

State Agency

License Description

Approved Licenses

AZ

Collection Agency License

328

CT

Consumer Collection Agency License

630

ID

Collection Agency License

358

IN-SOS

Collection Agency License

743

MA

Debt Collector

412

ND

Collection Agency License

535

OR

Collection Agency Registration

142

RI

Debt Collector Registration

503

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Debt Collection Licensing on NMLS

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Debt Collection Licensing on NMLS

Debt collectors by number of states with reported activity

as of June 30, 2017

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NMLS 2.0 Development Overview

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Opportunity not to just improve the system, but to

rethink the system.

NMLS 2.0

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Licensing in the Digital Age

Greater information than ever before about companies and individualsAgencies no longer need to work in silosPressures to move from permission-based to accountability-based“Travel Network Companies” (TNCs)Push back on professional licensing

Speed and complexity of changes increasing

e.g. Payment systems

Access to data will precede knowing what to do with it

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Supervision 2.0Put regulators in control of the platform.

Access to more real-time data lessens the # of permission decisions that regulators have to makeAdopt and adaptAdopt the techniques of digital oversightAdapt to a risk-based focus

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Guiding Principles

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NMLS 2.0 Objectives:

Be User Driven: Intuitive, built with industry and regulatory users in mind.Be Responsive: Display relevant information, actionable items based on user role.Accurate Data: Leverage data analytics wherever possible to credential, validate and ensure the accuracy of information in the system.Expedite Processing: Automate the identification of compliant candidatesSecure Data: Adopt industry best practices in data security

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17

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Development Timeline

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Engagement to Date

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Module

Major

Change from 1.0

Heavy UX Work

Information Architecture

Individual:

Tasks, Profile, Licenses, Professional Standards

Company:

Tasks, Profile, My employees, My Licenses

Regulator:

Tasks, Profile, Reports, Research

Business Activities

Regulator Review of New License

Application + Communications Log

Individual licensee application submission (state)

Regulator

Workload/Task Management (Reviewer and

Supervisor views)

Individual

Registration (federal)

Change in Control Amendments

Employment

Lifecycle

Next Steps: Prototyping

Eight major functionalities will be demoed over the next 3 months for Regulator feedback

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Questions? Ideas?

Tim Doyle (tdoyle@csbs.org) 202-728-5728


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