Minnesota settles with real estate broker over undisclosed payments
The AG announced the $3.5M settlement over allegations related to advertising of home warranty service contracts with a third-party provider.
Maryland implements updates to shared appreciation agreements
New regulations add disclosure rules, valuation methods, and borrower repayment ability standards under the Mortgage Lender Law.
FHFA and HUD update mortgage loan limits for 2025
Both agencies raised loan limits, reflecting home price increases and requirements under the Housing and Economic Recovery Act.
CSBS reinforces continuing education requirements for loan officers
CSBS emphasized the importance of identity verification when taking online courses and that failure to do so was a serious violation.
District of Columbia releases complaint against earned wage access company
The AG’s complaint asserted that the company’s product constituted a loan with interest rates exceeding the District’s 24 percent usury cap.
CFPB finalizes rule on defining larger market fintech participants
The rule establishes the criteria for qualifying nonbanks as larger participants and subjects these companies to CFPB supervision.
CFPB publishes a report on consumer financial sentiment
The report placed overall financial health around where it was in 2019, and slightly worse by some measures, after a sharp improvement in financial health that began in 2020.
Minnesota Adds Student Lender Registration to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
California revokes cryptocurrency lender’s license after suspension
The DFPI originally suspended the cryptocurrency lender’s California Licensing Law (CFL) license in 2022 pending an investigation.
NYDFS releases its 2024 report on minority mortgage lending
The report highlighted changes in lending patterns and identified lenders with significant activities in minority and majority-minority census tracts.
CFPB orders money service company to pay $3M for unfair practices
The company allegedly engaged in unfair and abusive practices related to money-transfer services used by the friends and family of incarcerated individuals.
FTC charges debt collection company and owner for alleged $7.6M debt collection scam
The defendants allegedly contacted consumers under a number of false names, threatening them with arrest, lawsuits and wage garnishment.
Connecticut suspends bitcoin-ATM operator’s money transmitter license
The Connecticut Banking Commissioner cited inadequate KYC policies, multiple consumer complaints about fraudulent activity, and insufficient capital levels.
CFPB proposes final judgment addressing discriminatory practices in mortgage lending
The CFPB initiated its action against the Chicago-based nonbank retail-mortgage creditor and broker in 2020, alleging ECOA, Regulation B and CFPA violations.
New Jersey AG investigation reveals mortgage redlining
The Office of the Attorney General and Division on Civil Rights released investigatory findings concluding that a bank engaged in a pattern of redlining Black, Hispanic and Asian communities.
Kansas Adds New Earned Wage Access Services Provider License to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
New York City announces enforcement delay of debt collection rules
The new rules will still take effect on Dec. 1 but the Department of Consumer and Worker Protection announced it will not enforce the new rules until April 1, 2025.
Minnesota shuts down debt settlement companies
The companies allegedly operated without the required registration, failed to execute compliant written agreements, and misrepresented their services to consumers.
Important Login Update for NMLS Users
Users should update credentials and consolidate accounts to ensure a seamless renewal process and improve the user experience.
Wisconsin Collection Agency License Transitions to NMLS on Jan. 1, 2025
Beginning Jan. 1, 2025, companies will no longer submit and maintain collection agency licenses through Wisconsin Department of Financial Institutions.