Bank pays DFPI $63M for crypto-exchange non-compliance
The California regulator alleges the bank holding company made misleading statements about BSA/AML compliance programs.
Florida amends terms for consumer finance loans
The changes impact regulations on interest rates, delinquency charges, and lender obligations in the event of a FEMA disaster declaration.
CFPB emphasizes importance of accurate HMDA data reporting
In a blog post, the Bureau highlights its intensified efforts to address HMDA compliance through enforcement actions and supervisory examinations.
CFPB reports on borrowers’ issues with mortgage servicers
Data from the 2020 American Survey of Mortgage Borrowers highlighted a number of common challenges related to borrower assistance programs.
CFPB and FHFA release data from NSMO
The updated loan-level data from the National Survey of Mortgage Originations provides insights into consumer behavior.
Rhode Island amends financial institutions code
The updates increase the minimum capital requirements for currency transmission licensees, among other things.
New York Fed releases paper on NBFI reliance on banks
According to the authors of the study, a holistic approach to the bank-NBFI relationship will be necessary to manage systemic risk and maintain financial stability.
DFPI proposes amendments to the California DCLA
Among other things, the amendments would clarify annual reporting requirements under the Debt Collection Licensing Act.
Nevada approves regulation on earned wage access
The regulation issued by the Department of Business and Industry, Financial Institutions Division establishes licensing fees, reporting requirements, and consumer protections.
New York issues judgment against crypto-asset firm
The stipulation and consent to judgement followed a May 20 settlement with the company for allegedly misleading investors on the risks of its program.
Ohio allows dual capacity in real estate transactions
Acting as both a mortgage professional and a real estate agent in the same transaction was originally banned to prevent conflicts of interest.
CFPB bans two companies for reverse mortgage servicing violations
The Bureau determined that the companies misrepresented loan defaults and failed to respond appropriately to borrower communications.
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.
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.
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.