Oregon enacts money transmission bill regarding security devices
A security device is defined by Oregon law as a surety bond or an irrevocable letter of credit.
New York enhances consumer notification obligations on automatic renewals
Businesses must inform consumers about impending automatic renewals or continuous service charges at least forty-five days before charges are applied.
DFPI fines online platform for omitting convenience fee disclosures
The consent order resolved alleged violations of the California Consumer Financial Protection Law (CCFPL).
Federal court grants DFPI motion for summary judgment on commercial financing disclosure requirements
The court found that the California regulator’s disclosure requirements were lawful under the First Amendment and were not preempted by federal law.
NYDFS releases guidance on risk management
The guidance emphasizes the importance of managing significant financial and operational risks associated with climate change for New York State-regulated banking and mortgage institutions.
Fannie Mae releases notice on loan limit changes
Updates to its mortgage loan underwriting system, Desktop Underwriter, over the Jan. 20 weekend will support changes made to FHA and VA loan limits.
California enacts “state of emergency” mortgage servicing rule
The rule requires servicers to provide additional records when transferring a mortgage secured by a property within a proclaimed emergency zone.
CFPB fines and shuts down debt collector for alleged FDCPA, FCRA violations
The Pennsylvania-based nonbank medical debt collection company is permanently banned from debt collection, purchasing or selling of any debts, or any consumer reporting activities.
CFPB adjusts asset-size exemption thresholds for Regulations C and Z
The asset-size exemption thresholds were adjusted based on a 4.1 percent increase in the average year-over-year CPI-W.
CFPB posts blog entry analyzing cash-out refinancing
According to the entry, which noted reflects the authors’ views, and not those of the CFPB, refinance mortgage originations decreased amid 2022’s rapid interest rate hikes, and notably favored cash-out refinances over non-cash-out options.
Fannie Mae announces updates to servicing guide
The updates include new financial reporting requirements for large non-depository sellers/servicers and a revised policy for loans transferred to an LLC, among other things.
Update on MCR FV6: State-Specific Supplemental Form Now Available [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
Louisiana Adds New Private Education Lender to NMLS [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
NMLS Reinstatement Period: Jan. 2 – Feb. 29 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
OCC reports on Q3 first-lien mortgage performance
The OCC found that there was a 0.1 percent increase in “current and performing” mortgages and a 0.2 percent drop in mortgages that are seriously delinquent from the previous year.
Crypto platform to pay $22 million to resolve NY AG suit
As part of the agreement, the platform is barred from trading securities and commodities in New York or from making its platform available to New York residents.
Illinois adopts regulatory changes as part of Collection Agency Act
Adoption of the new rules will not result in any substantive changes for Illinois Collection Agency licensees but will mirror the previous rules governing collection agencies.
White House convenes on reducing medical debt
The roundtable featured speakers from the president’s council, the CFPB, the Center for Medicare and Medicaid Services, DHHS, the Treasury, and representatives from California, Colorado, and Washington.
New York enacts Fair Medical Debt Reporting Act
The Act specifically prohibits hospitals, health care professionals, and ambulances from reporting medical debt to credit agencies.
Illinois Collection Agency Act oversight transferred to the Division of Financial Institutions
With this change, the Department of Financial and Professional Regulation proposes to repeal the existing regulations from the Division of Professional Regulation.