On October 1, without notice, the New York State Department of Financial Services and the Nationwide Multistate Licensing System announced that the NMLS would begin receiving new application and transition filings for the check casher license, the commercial check casher license, and the virtual currency license in New York. The announcement from the NYSDFS explained that this was the last phase of its plan to manage the license application and ongoing regulation of all non-depository financial institutions doing business in New York through the NMLS. Financial services companies holding any of these three licenses now have the opportunity to transition their licenses to the NMLS, and new companies applying for these licenses will be able to apply through the NMLS. The NYSDFS sent letters to all licensees with detailed instructions on the transition process.
For assistance with transitioning to the NMLS or filing a new application with the NMLS, consider APPROVED.