CFPB settles HMDA lawsuit with large mortgage lender for $3.95M
The Bureau’s complaint alleged repeated failure to comply with HMDA reporting requirements and the terms of a 2019 Consent Order.
FHFA approves Freddie Mac’s second mortgage pilot
The program to begin purchasing certain single-family closed-end second mortgages aims to boost affordable housing and community reinvestment efforts.
WI Adds Earned Wage Access Services Provider License to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
CT Adds Two New Licenses to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
New Way to Access NMLS License Checklists [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
New York Fed risk head delivers speech on emergent risks in finance
Chief Risk Officer Mihaela Nistor highlighted a number of internal and external risks, including geopolitical conflicts, economic uncertainties, data privacy issues, and disruptive technologies.
Nebraska notifies entities of background check and notification requirement changes
The updates to Nebraska’s consumer financial services licensing laws will become effective on July 19.
California enacts new consumer protections on disclosures and marketing
Amendments to the Consumers Legal Remedies Act will require clear disclosures on mailed solicitations and prohibit deceptive marketing practices, among other things.
Oklahoma Senate Bill 1492 Effective Nov. 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Colorado tightens debt settlement and collection regulations
Revisions to the state’s consumer protection laws include new licensing and operational requirements for service providers, among other things.
New York sues crypto companies over alleged pyramid scheme
According to the complaint, the schemes targeted immigrant communities and defrauded investors out of more than $1 billion in crypto-assets.
Connecticut amends its Money Transmission Act
Among other changes, activities related to virtual currency kiosks will require persons to be state licensed as a money transmitter.
Indiana Updates Available Individual License Types [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
MSB Call Report Form Version 4 Update [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Connecticut amends its Emergency Mortgage Assistance Payment program
Effective October 1, the changes expand program benefits, update repayment criteria, and offer more flexible terms for homeowners in foreclosure or forbearance.
NYDFS pens customer service guidance for virtual currency companies
The guidance goes into effect on November 1 with the goal of fostering a more transparent and responsive environment for customers.
Colorado extends its money transmitter regulations
The state’s regulation of money transmitters, previously scheduled to sunset on Sept. 1, 2024, will extend until September 2030.
Ginnie Mae updates its guide to streamline processes for eMortgages
Updates to the Digital Collateral Program Guide seek to simplify processes and enhance efficiency for lenders and borrowers.
CFPB proposes final rule for nonbank supervision registry
The Bureau’s stated goal in establishing the registry was to assist the public and enforcement agencies in identifying repeat offenders.
Colorado updates law for debt-management service providers
Recent legislation updates existing requirements and extends regulation of debt-management service providers through Sept. 1, 2035.