State Regulators to Share Licensing Data with FTC

The Conference of State Bank Supervisors announced that it will be sharing all non-confidential licensing information from the Nationwide Multistate Licensing System (NMLS) with the Federal Trade Commission (FTC).

The FTC will gain access to NMLS data regarding regulated companies, which include mortgage companies, money transmitters, debt collectors, and consumer finance companies.

Thomas Pahl, the Acting Director of the FTC’s Bureau of Consumer Protection, stated that sharing the licensing information will increase the efficiency of the FTC’s investigations and facilitate increased coordination with state law enforcement, in an effort to better protect consumers.

More information can be found here: https://www.csbs.org/state-regulators-share-licensing-data-federal-trade-commission.