FHA issues cybersecurity reporting requirements
Mortgagees must report all suspected cyber incidents to HUD’s FHA Resource Center and Security Operations Center within 12 hours of detection.
CFPB releases RFI on mortgage closing costs
The request for information reflects the Bureau’s focus on mortgage “junk fees” and their impact on borrowers and lenders.
Chopra remarks on how less credit reporting competition may lead to higher mortgage costs
The CFPB director noted that prices for credit reports and credit scores have increased as much as 400 percent since 2022.
Colorado enacts insurance proceeds disbursement requirements for mortgage servicers
The law mandates specific insurance proceeds disbursement protocols for mortgage servicers and property repair responsibilities for borrowers.
NYDFS releases its Cybersecurity Program Template
NYDFS created the template to help licensees develop cybersecurity programs as required by 23 NYCRR Part 500.
District Court denies mortgage lender’s motion to dismiss against CFPB
The CFPB sued the lender for violating HMDA and Regulation C by intentionally misreporting borrower data pursuant to a prior consent order.
FSOC releases report on nonbank mortgage servicing
The report analyzes sector growth, highlighting strengths and vulnerabilities, particularly in financial stress scenarios.
HUD and mortgage lender reach agreement on Montana fair lending complaint
The mortgage company agreed to a Conciliation Agreement, including a $65K settlement, increased oversight and policy changes.
West Virginia Senate Bill 613 effective June 3 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Tennessee amends its Consumer Protection Act
Effective immediately, the amendments enhance legal safeguards against consumer fraud and broaden special protections, among other things.
Tennessee amends consumer debt proceeding requirements and garnishment exemptions
Effective July 1, the new law revises consumer debt suit pleadings and increases garnishment protections.
House passes resolution to nullify SEC’s rule on crypto accounting
The GAO found the SEC’s Staff Accounting Bulletin No. 121 was a rule, instead of guidance, and therefore subject to the Congressional Review Act.
Oklahoma amends SAFE Act licensing provisions
The amendments expand the definitions of “mortgage broker” and “servicing” and significantly adjust fees and annual assessments for licensees.
Maine enacts new money transmission law
The legislation amends and repeals many parts of the state’s money transmission laws to align with the Money Transmission Modernization Act.
California DFPI releases Annual Report of Activity
The report highlights investigations, public actions, and consumer outreach efforts under the California Consumer Financial Protection Law.
Virginia enacts new prohibitions against certain EFT fees
The new legislation amends the Residential Landlord and Tenant Act and the Virginia Consumer Protection Act.
CFPB publishes mortgage servicer edition of Supervisory Highlights
The 33rd edition covers select examinations and violations regarding mortgage servicing from April 1, 2023, through Dec. 31, 2023.
CSBS and FHFA sign agreement to enhance information sharing on nonbank mortgage companies
The MOU reportedly aims to improve the ability to coordinate on market developments to better identify and mitigate risks.
Iowa enacts prudential standard and corporate governance requirements for mortgage servicers
The new law is effective July 1, 2024, and sets prudential standards for mortgage servicers, including capital and liquidity requirements.
Iowa enacts new money transmission provisions
Among other things, the new act exempts payroll agents from licensure, outlines license suspension/revocation criteria, and sets enforcement guidelines.