To help financial services companies manage the federal approvals, state licenses, and foreign “doing business” registrations they are required to maintain—and avoid penalties for non-compliance—Ballard Spahr has launched Ballard360 LicenSync.  LicenSync was created by the firm’s Client Value and Innovation Team working in partnership with the firm’s Consumer Financial Services Group.

The project management tool is customizable to financial services companies—from start-ups and digital innovators to established institutions—handling residential and commercial mortgages; student, consumer, and solar loans; retail installment contracts; cryptocurrencies; money transmission; and other matters.  It contains:

  • A Go-to-Market Checklist that provides support in applying for new licenses, reporting changes of control, surrendering licenses, developing policies, and managing examination responses.
  • A list of all federal approvals, state licenses, and foreign “doing business” registrations held—or applied for—by the company, along with information such as approval date and license/registration number.
  • An interactive calendar that tracks upcoming regulatory reporting obligations for approvals, licenses, and registrations maintained in the tool (e.g., Mortgage Call Reports, Money Services Business Call Reports, annual renewals, periodic reporting obligations, financial statement submissions, examination or application response deadlines) and sends automatic email reminders about upcoming filing obligations.
  • A document library that serves as a historical record of all filings and other important information involving approvals, licenses, and registrations maintained in LicenSync.
  • A section that tracks important information about surety bonds held by the company, including the approval, license, or registration; the amount; and the expiration date.

A standard LicenSync tool is offered free to Ballard Spahr clients.  While attorneys and licensing specialists working on specific engagements do charge legal fees, clients can choose to manage their own licensing portfolios for free, using their internal regulatory compliance teams.

LicenSync is completely customizable.  Companies receive reminders and updates at the time of their choosing.  Bespoke legislative tracking programs can be created to alert companies to upcoming federal and state legislative or regulatory measures, along with helpful summaries.  Companies also can work directly with the firm’s Client Value and Innovation Team to create new sections to address their specific business needs.

To learn more about LicenSync, contact Lisa Lanham (lanhaml@ballardspahr.com).  Lisa is a CFS partner and co-leader of the firm’s Fintech and Payment Solutions team who spearheaded the technology effort with the Client Value and Innovation Team.