Cleaning Up the Work List – Amendment Review

What –Existing licensees can submit updates to their NMLS record at any time using NMLS. As a regulator, it is important to know how to navigate using the Work List to self-assign these updates, known as amendment work items, and complete the amendment review process. Like the Initial License Review Process, the amendment review process requires License Item placement, License Status updates,and use of the Regulator Log and Reminders features.

How - The regulator can sort and filter incoming changes made by licensees using the Work List filters and then may self-assign these work items to review applicable changes, communicate with licensees, and inform others at your agency that the review is complete.

Why –The amendment review process is necessary to support licensees with management of their licenses on NMLS. The system navigation can be streamlined to support efficient and timely review and work completion. Prioritization of amendmentsbased on level of review required should be considered. Prioritizing changes allows the regulator to focus on more pertinent NMLS record information while reducing the need to review irrelevant updates.

Who – The regulator can review changes made by the licensee using the Work List.

Regulator User Benefits – Using the Work List filters in a specific fashion on NMLS allows the System to work for you:

-Enables regulators to quickly navigate through incoming work (amendments) to efficiently identify work load.

-Allows regulators to self-assign incoming work based on gravity or importance of change (amendment).

-Allows regulators to quickly work through amendments and promotes efficient communication and follow-up as necessary.

Directions

Assumptions –

-You have been assigned amendment review duty this week. In this role, you are asked to review incoming amendment notifications that consist of changes that require minimal review.

  • Changes that require minimal review include both updates to the company web addresses and changes to the Financial Institutions reported on the Company Form (MU1).

-You have logged in to NMLS and are ready to prioritize incoming work based on the changes made.

Directions -

  1. Click the Tasks tab.
  2. Click the Work List hyperlink.
  3. Click the Agency Worklist & Assignment page in the left navigation panel and clear the saved filter criteria by clicking the Clear button.
  4. Select Money Transmitter for the “Active License Type” filter.
  5. Select Amendment for the “Work Item Category” filter.
  6. Select Web Addresses for the “Review Item Category” filter.
  7. Click the Filter button.
  8. Assign or Self-Assign the resulting work items as appropriate (see Delegating Work and Self-Assignment Lessons for additional guidance).
  9. Once reviewed, take action (if appropriate) via License Item placement and/or License Status update and then mark the work item complete.
  10. Optional: Provide internal notes for the regulator log as appropriate.
  11. Next, update the filter criteria to reflect the next change type. This means selecting Financial Institution for the “Review Item Category” filter and leaving all other filter criteria the same.
  12. Click the Filter button. Continue to repeat this process. This amendment review process is referred to as “Cleaning Up the Work List” and allows the regulator to reduce unnecessary or irrelevant work items that tend to clutter the Work List.

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