Massachusetts AG settles with loan servicer over debt collection violations
As part of the $300K settlement, the servicer agreed to provide credit report updates and establish a single point of contact for borrow questions.
California amends its criminal code to include mortgage fraud and consumer protections
California’s AB 3108 strengthens mortgage fraud protections, expanding broker responsibilities and requiring consumer counseling for high-risk loans.
California enacts new mortgage foreclosure procedures
Mortgage servicers, trustees and beneficiaries must provide borrowers with enhanced notices and opportunities to avoid foreclosure.
California enacts mortgage law on co-borrowing with divorces
The legislation will require certain home mortgage loans originated on or after Jan. 1, 2027 to include provisions allowing any existing borrowers to purchase another borrower’s property interest.
California enacts bill on assessing license fees in deferred deposit transactions
Fees will be determined by the proportion of a licensee’s total dollar amount of deferred deposit transactions relative to the total amount made by all licensees.
CFPB publishes data spotlight on mortgage costs and interest rates
The Bureau examined how surging interest rates challenged affordability and the likelihood for rate cuts to expand refinancing options.
Court upholds California’s crypto kiosk transaction limit
The Superior Court for the State of California dismissed a lawsuit challenging the California Digital Financial Asset Law’s (DFAL) $1,000 daily transaction limit.
California AG settles with crypto company
According to the settlement, the company failed to allow customers to withdraw cryptocurrency from accounts and failed to disclose certain aspects of its trading and order handling procedures.
NYC issues new rules for debt collectors
Per a Notice of Adoption from the Department of Consumer and Worker Protection, the changes aim to enhance consumer protections and align with federal regulations and industry practices.
CFPB’s Chopra speaks on mortgages and interest rates
The CFPB director delivered remarks at the National Housing Conference on how a decrease in interest rates could impact mortgage refinancing.
New Hampshire enacts new money transmission law
The new law adopts elements of the Money Transmission Modernization Act (MTMA) which aims to harmonize nationwide money transmitter standards and requirements.
Wisconsin to add money transmitter license to NMLS
The Wisconsin DFI will start accepting applications for new licenses through NMLS on Oct. 1, and existing licensees will need to comply with the new requirements by Jan. 1, 2025.
CFPB offers guidance for BNPL compliance transition
The Bureau plans to release FAQs in September and will not seek penalties during the compliance transition period for lenders acting in good faith.
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.
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.