DFPI orders online platform to cease offering crypto-related products
Certain peer-to-peer lending services and interest-bearing accounts were found to violate state law and cannot be offered in California.
Louisiana adds new license types to NMLS on Jan. 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
NYDFS reminds institutions to seek prior approval before engaging in virtual currency activities
The New York agency noted that this requirement also applies in situations where any portion of the activity will be handled by a third party.
DFPI issues reminder to debt collection licensing applicants
Starting January 1, 2023, the California agency will begin approving applications under the Debt Collection Licensing Act.
Collection firm to pay $100,000 for operating without a license
The Connecticut Department of Banking also ordered the firm to cease and desist from collection activity for operating without a valid license.
NYDFS proposes virtual currency firms to pay supervision fees
The proposed fees will cover the costs and expenses associated with NYDFS’s oversight of licensees engaged in virtual currency business activity.
APPROVED CEO Tim Lange to discuss the role of regtech solutions in compliance management programs
The panel discussion on Wednesday, Dec. 7 is part of the Innovations in Lending, Alternative Financing, Fintech & Private Credit Summit 2022.
DFPI issues notices to suspend two crypto lending companies
On November 18, the California Department of Financial Protection and Innovation (DFPI) announced an order suspending a cryptocurrency lender’s California license for 30 days pending DFPI’s investigation. The suspension follows the DFPI’s notice to suspend issued on November 11, which was prompted by the cryprocurrency lender’s November 10 announcement that it would limit platform activity, including pausing client withdrawals. DFPI noted that the cryptocurreny…
Licensing update: Upcoming changes to MSB Call Report
CSBS announced that it will change the NMLS Money Services Businesses Call Report, which most MSB licensees are required to submit on a quarterly basis.
Delaware enacts licensing legislation
Among other things, the bill increases the threshold for licensed property appraisers so that they may appraise complex one to four residential units valued up to $400,000.
California DFPI concludes MTA licensure not required for crypto exchange
Transactions on the company’s platform will involve the use of the company’s tokenized version of the U.S. dollar.
Debt collection company issued a CDO for operating without a license
According to the order, the debt collecting company was a foreign company conducting business in Massachusetts with a main address in Florida.
Pennsylvania amends remote work definition
In order for a mortgage loan originator sponsored by a licensee to be permitted to work from a “remote location,” the location must meet certain criteria.
Update on NMLS identity verification and credit report issues, Nov. 1 [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
NMLS issues resolved, NMLS is fully operational [nmls.org]
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Arizona streamlines DBA licensing requirements
New legislation will allow most companies that the Department of Insurance and Financial Institutions licenses to operate with additional trade names under a single license.
CSBS provides tips on NMLS annual renewal
The announcement noted the number of individual state licenses eligible for renewal is 13 percent higher than the same time last year.
FYI – MSB call report form version update [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
West Virginia Division of Financial Institutions update [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.
FYI – NMLS identity verification and credit report issues [nmls.org]
Learn more about this topic and others in the NMLS Resource Center.