Other new topics in the annual regulatory oversight report include OTC Quotations in Fixed Income Securities, Advertised Volume, and the Market Access Rule.
The settlement resolves allegations that the company did not properly communicate Income-Driven Repayment (IDR) plan renewals to borrowers.
The company must also surrender its BitLicense for failing to meet compliance obligations related to NYDFS virtual currency and cybersecurity regulations.
A comment letter submitted by 19 state attorneys general emphasized the importance of regulating nonbank financial institutions, including popular digital payment applications.
The DOJ alleged that the bank engaged in unlawful redlining in Memphis, Tennessee in violation of the Fair Housing Act, ECOA, and Regulation B.
The proposed provisions would require buy now pay later financing providers to pay a fee and file a written application to receive a license, among other things.
According to the Idaho Department of Finance, the rule changes aim to “reduce regulatory burden by removing outdated requirements.”
The report is part of a broader set of financial trend analyses conducted by FinCEN under section 6206 of the Anti-Money Laundering Act of 2020.
A security device is defined by Oregon law as a surety bond or an irrevocable letter of credit.
Businesses must inform consumers about impending automatic renewals or continuous service charges at least forty-five days before charges are applied.
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.
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.
Updates to its mortgage loan underwriting system, Desktop Underwriter, over the Jan. 20 weekend will support changes made to FHA and VA loan limits.
The rule requires servicers to provide additional records when transferring a mortgage secured by a property within a proclaimed emergency zone.
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.
The asset-size exemption thresholds were adjusted based on a 4.1 percent increase in the average year-over-year CPI-W.
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.
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.
Learn more about this topic and others in the NMLS Resource Center.