Licensing Insights: State MTL Updates, MSB Call Report Updates, and Examinations Spotlight
State Money Transmission Regulatory Updates
Louisiana Passage of MTMA sent to Governor
Louisiana is poised to be next in line in passing the MTMA. On June 1, the bill was signed by the President of the Senate and sent to the Governor’s desk for signature. The law, which Louisiana would be the 26th state to pass, aims to modernize Louisiana’s current money transmission framework.
The bill, which implements the full MTMA framework, will in part update money transmission reporting requirements, implement standards pertaining to virtual currency, and standardize definitions and requirements with other states. It will fully replace Louisiana Sale of Checks and Money Transmission Act, which was last updated in 2001.
Note: If your company may need assistance with tracking the new requirements, assistance with maintaining any reporting items, or guiding you through the next examination please don’t hesitate to reach out to schedule a demo on FS Vector’s Approved Platform or a member of our licensing or examination teams for assistance.
MSB Call Report Updates
The Illinois Department of Financial and Professional Regulation notified all Money Transmission licensees, that starting with Q1 2026, licensees must submit both Financial Condition and state-specific transaction MSB Call Reports via NMLS on a quarterly basis, within 45 days of the end of each calendar quarter. These updates are part of Illinois’ recent passage of the MTMA.
In addition, North Dakota recently updated its NMLS settings to require the submission of the MSB Call Report State Transactions Destination Country Detail Section, which was previously not required for North Dakota licensees. Licensees are required to submit this as part of the Q4 MSB Call Report submission each year.
NMLS has opened up public comment for the updates to the MSB Call Report, which are due July 20. Further guidance pertaining to the public comment process can be found at Proposals for Comment.
Note: FS Vector monitors ongoing state guidance for money transmission licensing and reporting to help ensure compliance with the latest requirements. Contact FS Vector for assistance navigating MSB Call Report obligations in Illinois, North Dakota, and other states.
Service Spotlight
Examinations
Examinations: FS Vector’s Examination Support Services Team helps financial services companies navigate complex regulatory compliance. Whether you’re a money transmitter complying with the Money Transmission Modernization Act (“MTMA”) or a mortgage company facing a multi-state examination, FS Vector will help monitor key pillars of your business, including, but not limited to, vendor oversight, recordkeeping, and financial reporting to keep your business prepared.
The evolving adoption of the MTMA has increased visibility into state regulatory expectations while also creating a more complex reporting environment. Variations in state adoption, differing data reporting requirements, and inconsistencies across jurisdictions require companies to manage multiple reporting frameworks simultaneously. As a result, regulators are increasingly evaluating data governance, reporting accuracy, and the ability to demonstrate consistent compliance during routine examinations.
Additionally, several states have increased scrutiny on financial reporting history in the money transmitter space, including requests that companies revise financial statement data on the MSB Call Report to align with the recently completed audited financials and requiring variance reports based on initial projections.
FS Vector works with financial services companies to address evolving examination priorities and strengthen their regulatory reporting and governance frameworks. Whether your organization is preparing for an upcoming examination or seeking to benchmark its current practices against emerging regulatory expectations, the FS Vector Examinations Team can provide tailored readiness reviews, gap assessments, and maturity analyses to help enhance your examination preparedness.
FS Vector Calendar
Events FS Vector Licensing Team is attending
- AARMR Annual Conference | Aug 11-13 | Bellevue, WA
- FS Vector and Orrick invite you to join us for our reception during the AARMR Annual Conference! Enjoy delicious bites and great company while connecting with both new and familiar friends.
- MTRA | Sept 14-17 | Albuquerque, NM
- Money20/20 | Oct 18-21 | Las Vegas, NV
- Chicagoland | Oct 30 | Chicago, IL
Upcoming FS Vector Webinars
FS Vector Licensing Lunch & Learn: APPROVED July 15, 2026
Don’t miss FS Vector’s webinar featuring Tim Lange, Kristie Battershell and Derek Schultz in July! Check out the newly released and upcoming changes to APPROVED such as NMLS license item sync, the examination module and automated forms!
The Rules are Changing. Make Sure you are Keeping up. August 5, 2026
Our very own Tim Lange and Kristie Battershell will be joining MSBA's upcoming webinar on state regulatory updates. Staying on top of state-level regulatory changes is one of the biggest challenges facing money services businesses today. This session breaks down the latest updates from across the country - licensing changes, compliance requirements, and enforcement trends - giving you the clarity you need to keep your operations running smoothly and your business in good standing.