On September 29, CSBS announced the formation of the Nonbank Industry Advisory Council, a forum for dialogue between industry experts and state supervisors. According to the announcement, the council will bring industry members together with CSBS and state supervisors to discuss the NMLS, its supervisory component, the State Examination System, and the broader state system of nonbank supervision. CSBS said the council will serve as a venue for state supervisors to consult industry on major policy or system development issues that would benefit from industry input. CSBS said the effort is intended to support informed oversight and collaboration across the nonbank sector, as well as consumer protection and the safety and soundness of financial markets.

Two co-chairs will lead the council, one as an industry representative and the other as a regulator liaison, each serving a two-year term. The council will include 30 industry representatives from the mortgage, money services, consumer finance and debt collection sectors, plus up to five members from organizations representing industry. CSBS will also appoint up to seven additional state regulators in consultation with associations of state mortgage, money transmitter, consumer credit and collection agency regulators. The inaugural roster names regulator liaisons from several state agencies, along with a group of observers. Among them is Orrick partner Jedd Bellman, who was selected to serve on the council as an observer.