DFPI issues first enforcement action against student debt-relief company
The agency announced the first-ever enforcement action under its new structure against a student loan debt-relief company and an investigation into others.
DFPI: Certain bitcoin ATMs/kiosks not subject to MTA licensure
An opinion letter explains that the sale and purchase of bitcoin through ATMs/kiosks in third-party retail locations are not subject to licensure because the sale and purchase of bitcoin from the company’s own inventory through a kiosk does not meet California’s definition of “money transmission.”
MLO national test changes to begin April 5, 2021 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center under “Agency News.”
Washington once again extends work from home guidance
The Department of Financial Institutions issued the interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them.
“State Legislative Impacts of 2020” featuring Tim Lange
The panel discussion on Feb. 24, 2021 is part of the NMLS Annual Conference and looks at how responses to the pandemic in 2020 will shape business operations, legislative priorities, and regulatory oversight moving forward.
Massachusetts establishes student loan servicer licensing provisions
The new provisions stipulate that servicers are not required to be licensed as a debt collector or be registered as a third-party loan servicer, provided they meet certain criteria.
DFPI launches debt collection investigation
California’s Department of Financial Protection and Innovation announced the issuance of subpoenas to a dozen debt collection companies as part of its investigation into consumer complaints regarding alleged UDAAP practices.
Washington extends remote work guidance
The Washington Department of Financial Institutions issued interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them relating to temporary remote work.
Texas adopts rules covering mortgage licensee requirements
The amended regulations include updates to definitions, disclosure requirements, and other licensee duties and responsibilities.
Florida amends licensing application procedures
The Department of Financial Services, Office of Financial Regulation amended rules related to the application procedures for prospective loan originator, mortgage broker, and mortgage lender licensees.
NY bill requires licensing for all commercial financing under $500K
The legislation would exempt certain banking organizations, any lender who makes or solicits five or fewer commercial financing products within a 12-month period, and check casher licensees, among others.
Data security best practices for licensees operating remotely
As states continue to extend work-from-home orders in response to the Covid-19 pandemic, and considering that remote work will continue to be the norm for many individuals even after the pandemic subsides, licensees must be prepared to address regulators’ heightened concern for data security.
NMLS reinstatement period starts Jan. 2, 2021 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Nebraska adds delayed deposit services licenses to NMLS Jan. 1, 2021 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center under “Agency News.”
Minnesota regulator issues telework guidance
On December 15, the Minnesota Commerce Department issued guidance regarding non-depository financial institution telework.
Oklahoma extends working from home guidance
The Department of Consumer Credit extended, for the sixth time, its interim guidance to regulated entities on working from home in response to the Covid-19 pandemic.
DFPI: Certain Bitcoin ATMs not subject to MTA licensure
California’s Department of Financial Protection and Innovation released opinion letters covering aspects of the Money Transmission Act related to Bitcoin ATMs.
California DFPI issues MCA enforcement action covering future receivables
The consent order requires the commercial financing company to desist from lending in California unless and until licensed under the CFL, among other things.
Tim Lange to discuss “Impact of Covid-19 on your business”
The panel discussion on Jan. 12, 2021 is part of the California Mortgage Bankers Association Legal Issues & Regulatory Compliance Conference.
Nebraska updates guidance on temporary branch relocations
The Department of Banking and Finance recently updated its guidance regarding temporary branch relocations, effective through the end of 2020.