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CFPB Releases Updated Recommendations on Reporting Suspected Elder Financial Abuse

Reporting of Suspected Elder Financial Exploitation by Financial Institutions: An update to the 2016 Advisor and Recommendations 

Bank Owned Life Insurance

Division Releases Results of 2015 NMLS License Renewals

The Montana Division of Banking and Financial Institutions (Banking Division) recently finished processing annual renewals for all non-depository licensees. These renewals were all submitted online via the Nationwide Mortgage Licensing System (NMLS). Licensees had until 12/31/15 to request renewal. Licensees that did not request in that time frame were given until 2/29/16 to submit a late renewal request and pay an additional fee. According to the NMLS renewal dashboard available on March 1, 2016, 88.5% of licensees requested renewal during the 2015 renewal period. This percentage is 3% higher than what was submitted by this timeframe in 2015. The Division also had an increase of over 400 renewable licenses compared to last year. The Banking Division attributes its efficiency to its licensing staff’s commitment to training and their utilization of enhanced functionality of the NMLS.

NMLS Weekly Statistics – as of March 1, 2016

 

As of 3/1/2016

As of 3/2/2015

Renewal requests submitted

88.5% (2,836)

85.0% (2,386)

Renewal requests approved

100% (2,828)

99.9% (2,384)

 

Deputy Commissioner of Credit Unions Retiring

The Deputy Commissioner of Credit Unions with the Montana Division of Banking, Chris Olson, announced his retirement at the end of this month. Chris was instrumental in the drafting of our modernization bill, HB 550, with his knowledge and years of experience. Commissioner Melanie Hall said, "Chris has been a valued member of our team for almost 40 years and his knowledge and experience are irreplaceable. The Division will miss his trusted counsel, but we genuinely appreciate the mentoring that Chris has provided all of us to smooth the transition." We wish Chris the best in his future!

(From Tracie Kenyon's Your Weekly President's Report)

Montana Financial Education Group Gets National Award

Helena -   A Washington, DC-based organization recently announced that the Montana Financial Education Coalition (MFEC) was selected for a national award because of its creative and comprehensive work to improve the personal financial literacy of students in pre-kindergarten through college. The organization, the “Jump$tart Coalition for Personal Financial Literacy,” selected Montana’s efforts as the “2015 Jump$tart State Coalition of the Year.”

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