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Banking department requests $13M; pledges fixes for pawn-industry licensing problems on NMLS
Summary
Commissioner Roshanda Kelly asked for roughly $13 million in FY27 for the Department of Banking and Consumer Finance, including funds to stand up a money-services-business division, and committed to follow up on pawn-industry problems tied to the state's NMLS portal after stress testing and scheduled meetings with the vendor.
Roshanda Kelly, commissioner for the Department of Banking and Consumer Finance, outlined an FY27 request of approximately $13 million, including $300,000 in contractual authority and $200,000 in salaries to stand up a money‑services‑business section and related training and IT framework. "Our fiscal year 2027 budget request is $13,000,000," she said.
Kelly described the department’s supervision of nearly 9,300 nonbank providers and its human‑capital needs (86 positions, 80 filled). She reviewed ongoing work to transition nonbank industries onto the Nationwide Multistate Licensing System (NMLS), acknowledged training and usability issues raised by pawnbrokers, and said the agency conducted stress tests and scheduled a follow-up meeting with NMLS to address nonapplicable datasets and process issues. Kelly committed to provide results to the committee next week and to follow up on the scope of examinations for title-pledge companies.
