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.
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.
Maryland finalizes money transmitter regulation
The regulation generally aligns with the CSBS Money Transmitter Model Law, but also includes unique provisions such as an agent of the payee exemption.
District Court grants motion for summary judgment to DFPI in commercial financing disclosure case
In their complaint, the plaintiffs argued that the regulations violated the First Amendment and were preempted by TILA.
CFPB comments on DFPI licensing provisions, income-based advances
The CFPB stressed the importance of regulatory consistency of consumer financial products and services across federal and state law.
Freddie Mac standardizes down payment assistance programs
These changes come in tandem with Freddie Mac’s new tool, DPA One®, to aggregate and showcase down payment assistance programs on a single platform.
Acting Dept. Comptroller testifies on OCC’s Office of Financial Technology
The testimony focused on the OCC’s supervision and regulation of new and emerging fintech products, including the use of artificial intelligence and algorithms in banking.
House Financial Services Committee questions financial agency representatives on technological implementations
Representatives from the SEC, OCC, FDIC, CFPB, NCUA, and the Federal Reserve fielded an array of questions focused on artificial intelligence, cryptocurrencies, and central bank digital currencies.
DFPI shares trends in consumer crypto complaints
DFPI also shared tips on how consumers can protect themselves against scams, noting that “if it seems too good to be true, it probably is.”
DFPI issues desist and refrain order against investment firm
The California Division of Financial Protection and Innovation alleges the firm made false representations and material omissions to investors.
CFPB report on FDCPA highlights medical debt collection issues
The annual Fair Debt Collection Practices Act report emphasized collectors may violate federal law when they pursue inaccurate medical bills.