Federal Advocacy
NBA meets virtually and in DC for visits with Nevada's Senate and House delegates.
State of Nevada
NBA works with state legislators during session years and with interim committees in off years. In additional to supporting efforts to promote financial literacy, affordable housing and economic development, we work to ensure Nevada is an environment where banks can provide the best products and services to customers.
Thank you to our GR Committee members for all of your work during session. NBA will be working closely with interim Nevada's legislative committees throughout the second half of 2023 and during 2024.
Scroll down for a copy of the End of Session Report.
Regulatory
Nevada Bankers engage with State and federal regulators regularly. Member feedback is a critical piece of helping regulators with their job of providing effective, safe and meaningful oversight. In addition lt irregular meetings with our State FID, NBA works closely with federal regulataors and also offers members a chance to engage in person during the Fall DC visit.
Compliance Alliance
Compliance Alliance Question of the Week
Q: We have a prospective employee who was charged with possession of marijuana years ago. Does Section 19 of the FDI Act prevent them from being assigned an NMLS number?
A: As far as Section 19 of the FDI Act (as revised by the Fair Hiring in Banking Act), the recent final rule that went into effect as of October 1st, 2024 made a specific exemption from its "covered offenses" for offenses involving the possession of controlled substances, going on to say that “(t)his exclusion may also apply to other drug-related offenses depending on the statutory elements of the offenses or from court determinations that the statutory provisions of the offenses do not involve dishonesty, breach of trust, or money laundering, as noted in paragraph (b) of this section.”
Other offenses not included within the final rule include a misdemeanor criminal offense committed more than one year before the date on which an individual files a consent application (excluding any period of incarceration), and certain older offenses, meaning either it has been 7 years or more since the offense occurred, or the individual was incarcerated with respect to the offense and it has been 5 years or more since the individual was released from incarceration.
But keep in mind that there may be many additional considerations in this vein when it comes to whether an individual can be assigned an NMLS, including state-specific law and even the specific license being sought. For example, the NMLS Federal Registry explains that new registrants must meet the same felony standards as state-licensed MLOs, with those standards being the following: no felony within the past 7 years; no felony at any time that involves fraud, dishonesty, a breach of trust, or money laundering. Similarly, the NMLS Policy Guidebook informs us that an applicant would be disqualified if they had been convicted of a misdemeanor or felony that would preclude licensure in the application state; as such, this would depend - respectively - on the state-specific definitions of those offenses, which may require additional considerations for time of conviction, etc.
Compliance Alliance offers a BSA / AML / OFAC Toolkit with a number of additional resources: https://compliancealliance.com/find-a-tool/by-toolkit/bsa-aml-ofac/
Also offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub demo:
Compliance Alliance Hub for Trust
Trust Tools for Compliance is a stand-alone program designed specifically to assist and support wealth management divisions and brick-and-mortar money managers with their regulatory compliance needs. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub Trust Demo.
Compliance Hub for Mortgage
Bankers Alliance now gives you easy access to Mortgage Tools—a collection of proprietary regulatory compliance tools with more than 200 worksheets, checklists, trainings and more & a live hotline chat feature connecting you to attorneys and compliance experts—all designed to safeguard internal operations, strengthen business practices, and develop exam-ready organizations. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign up for a live Mortgage Demo
Review Alliance – DID YOU KNOW?
Did you know stop payment orders on ACH debit transactions should remain in place until the customer withdraws the stop payment order or the debit entry has been returned?
- If the stop payment order applies to an authorization involving multiple entries, the stop payment should stay in place until all entries have been returned.
- If your system requires an expiration date, some banks have chosen to use the year “2099” or “9999” so that the stop payment remains on the system until the entry is returned or the customer withdraws the order.
- See Section III, Chapter 26 of the NACHA Rules for additional information.
Review Alliance, an independent group of compliance specialists offering banks deep-dive audits of their existing transactions, recommendations about program enhancements or guidance on future safety and soundness. In 2020, we added Virtual Compliance Officer - a new shared service-model using bank-dedicated compliance officers; perfect for monitoring and guiding your bank remotely. To learn how to put them to work for your bank, call (833)-683-0701 or email info@bankersalliance.org and ask for our Membership Team.
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