With this change, the Department of Financial and Professional Regulation proposes to repeal the existing regulations from the Division of Professional Regulation.
The regulation generally aligns with the CSBS Money Transmitter Model Law, but also includes unique provisions such as an agent of the payee exemption.
In their complaint, the plaintiffs argued that the regulations violated the First Amendment and were preempted by TILA.
The CFPB stressed the importance of regulatory consistency of consumer financial products and services across federal and state law.
These changes come in tandem with Freddie Mac’s new tool, DPA One®, to aggregate and showcase down payment assistance programs on a single platform.
The testimony focused on the OCC’s supervision and regulation of new and emerging fintech products, including the use of artificial intelligence and algorithms in banking.
Representatives from the SEC, OCC, FDIC, CFPB, NCUA, and the Federal Reserve fielded an array of questions focused on artificial intelligence, cryptocurrencies, and central bank digital currencies.