Roger Williams ‘Efficiency’ Bill Passes House

WASHINGTON, D.C. – On Wednesday evening the House of Representatives unanimously passed the bipartisan State Licensing Efficiency Act of 2015, H.R.2643, authored by Congressman Roger Williams (R-Texas).

H.R.2643 would give states more control to conduct required background checks on state-regulated non-bank financial services industries, by allowing them to use a federally accepted registry, the Nationwide Multistate Licensing System and Registry (NMLS). The bill does not, however, create any requirements for background checks or fingerprinting.

"By expanding its use, NLMS will save industry – and ultimately the consumer – money," said Williams.

The NMLS has been used to oversee the mortgage industry since 2008, but the FBI has prevented state-regulators from using this more streamlined process to license other financial service providers without congressional action.

By a vote of 57-0 the State Licensing Efficiency Act of 2015 was voted out of the House Financial Services Committee– which Williams is a member – in July.

Williams' bill is supported by the State Conference of State Bank Supervisors and Texas Banking Commissioner Charles Cooper.

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