The US Conference of State Bank Supervisors has embarked on a major redesign of the Nationwide Multistate Licensing System, the technological platform that they use at the moment.

The redesign, they argue, will enable regulators to transform the licensing and supervision of non-bank financial institutions, including fintechs. They are aiming at faster approval times for licences and more standardised experiences.

Regulators today use NMLS to licence companies in non-bank industries such as mortgages, money services, consumer finance and debt collection. NMLS Consumer Access is a website where consumers can check on the companies with which they work. For the NMLS redesign, CSBS selected Price WaterhouseCoopers as the leading technology vendor, using the Appian platform, and Fieldprint as the criminal background processor.

Redesigning NMLS is part of a larger effort, CSBS Vision 2020, which state regulators are conducting as they move towards an integrated, 50-state system of licensing and supervision. Other initiatives include forming a 'fintech' advisory panel.