Illinois enacts Uniform Money Transmission Modernization Act
Effective Jan. 1, 2024, the new act updates regulations, enhances consumer protection, and standardizes licensing for money transmitters.
Colorado HB 1328 effective Aug. 7, 2024 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
MSB Call Report updates effective for Q3 2024 reporting
NMLS recently announced updates, which will take effect starting with the third-quarter filings due Nov. 14, 2024.
Utah to transition Consumer Credit Notifications to NMLS
Effective August 26, the change will streamline notifications, enhance regulatory oversight, and improve the efficiency of managing consumer credit information.
Missouri updates money transmission statute
Effective August 28, SB 1359 requires licensing, sets prudential standards, and introduces commercial financing disclosures for money transmitters.
CFPB proposes rule for mortgage servicing and loss mitigation
The proposed amendments to RESPA seek to improve borrower protections and streamline processes, and would not apply to small servicers.
HUD proposes rule to govern the sale of FHA mortgage notes
According to HUD, the proposed rule would increase the availability of affordable homes and enhance the stability of communities.
CFPB proposes an interpretive rule for earned wage access
Paycheck advance products would be considered consumer loans and therefore subject to TILA and Regulation Z disclosure requirements.
Bank pays DFPI $63M for crypto-exchange non-compliance
The California regulator alleges the bank holding company made misleading statements about BSA/AML compliance programs.
Florida amends terms for consumer finance loans
The changes impact regulations on interest rates, delinquency charges, and lender obligations in the event of a FEMA disaster declaration.
CFPB emphasizes importance of accurate HMDA data reporting
In a blog post, the Bureau highlights its intensified efforts to address HMDA compliance through enforcement actions and supervisory examinations.
CFPB reports on borrowers’ issues with mortgage servicers
Data from the 2020 American Survey of Mortgage Borrowers highlighted a number of common challenges related to borrower assistance programs.
CFPB and FHFA release data from NSMO
The updated loan-level data from the National Survey of Mortgage Originations provides insights into consumer behavior.
Rhode Island amends financial institutions code
The updates increase the minimum capital requirements for currency transmission licensees, among other things.
New York Fed releases paper on NBFI reliance on banks
According to the authors of the study, a holistic approach to the bank-NBFI relationship will be necessary to manage systemic risk and maintain financial stability.
DFPI proposes amendments to the California DCLA
Among other things, the amendments would clarify annual reporting requirements under the Debt Collection Licensing Act.
Nevada approves regulation on earned wage access
The regulation issued by the Department of Business and Industry, Financial Institutions Division establishes licensing fees, reporting requirements, and consumer protections.
New York issues judgment against crypto-asset firm
The stipulation and consent to judgement followed a May 20 settlement with the company for allegedly misleading investors on the risks of its program.
Ohio allows dual capacity in real estate transactions
Acting as both a mortgage professional and a real estate agent in the same transaction was originally banned to prevent conflicts of interest.
CFPB bans two companies for reverse mortgage servicing violations
The Bureau determined that the companies misrepresented loan defaults and failed to respond appropriately to borrower communications.