Texas adopts rules covering mortgage licensee requirements
The amended regulations include updates to definitions, disclosure requirements, and other licensee duties and responsibilities.
Florida amends licensing application procedures
The Department of Financial Services, Office of Financial Regulation amended rules related to the application procedures for prospective loan originator, mortgage broker, and mortgage lender licensees.
NY bill requires licensing for all commercial financing under $500K
The legislation would exempt certain banking organizations, any lender who makes or solicits five or fewer commercial financing products within a 12-month period, and check casher licensees, among others.
Data security best practices for licensees operating remotely
As states continue to extend work-from-home orders in response to the Covid-19 pandemic, and considering that remote work will continue to be the norm for many individuals even after the pandemic subsides, licensees must be prepared to address regulators’ heightened concern for data security.
Minnesota regulator issues telework guidance
On December 15, the Minnesota Commerce Department issued guidance regarding non-depository financial institution telework.
Oklahoma extends working from home guidance
The Department of Consumer Credit extended, for the sixth time, its interim guidance to regulated entities on working from home in response to the Covid-19 pandemic.
DFPI: Certain Bitcoin ATMs not subject to MTA licensure
California’s Department of Financial Protection and Innovation released opinion letters covering aspects of the Money Transmission Act related to Bitcoin ATMs.
California DFPI issues MCA enforcement action covering future receivables
The consent order requires the commercial financing company to desist from lending in California unless and until licensed under the CFL, among other things.
Nebraska updates guidance on temporary branch relocations
The Department of Banking and Finance recently updated its guidance regarding temporary branch relocations, effective through the end of 2020.
Texas updates home equity lending guidance
Several state regulatory agencies updated guidance on emergency measures for home equity lenders to consider in response to the COVID-19 pandemic.
Texas updates guidance urging motor vehicle sales finance licensees to work with borrowers
The Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the pandemic.
Texas updates guidance for regulated lenders
The Consumer Credit Commissioner issued updated guidance for regulated lenders relating to the Covid-19 crisis, effective through December 31, 2020, unless withdrawn or revised.
DFPI addresses MTA licensing in new letter
The redacted opinion letter covered aspects of the Money Transmission Act related to the registered clearing house and payment processing service exemptions.
NYDFS issues first “conditional Bitlicense”
NYDFS announced authorization for a digital payments company to launch a service for U.S. customers to buy, sell, and hold certain NYDFS-approved cryptocurrencies.
Oklahoma extends working from home guidance through end of year
On October 22, the Oklahoma Department of Consumer Credit extended, for the fifth time, its interim guidance to regulated entities on working from home (see here, here, here, here, and here for previous coverage). The guidance sets forth data security standards for regulated entities with employees working from home and also provides that the department…
Illinois adopts regulations for student loan servicers
The Department of Financial and Professional Regulation adopted regulations implementing provisions of the Student Loan Servicing Right Act related to licensing fees, operations, and supervision.
New Jersey now accepting student loan servicer licenses through NMLS
On September 15, the Department of Banking and Insurance began accepting applications for the NJ Student Loan Servicer license through NMLS.
Upcoming presentation: NMLS mortgage call report – Where’s NMLS 2.0?
Katy Ryan, APPROVED co-founder and Buckley partner, hosts a session on Oct. 27 as part of the QuestSoft Lending Compliance & Risk Management Virtual Conference.
California enacts the Debt Collection Licensing Act
The Act requires a person engaging in the business of debt collecting in the state to be licensed and provides for the regulation and oversight of debt collectors by the DFPI.
CSBS announces first MSB Accreditation
On September 28, the Conference of State Bank Supervisors announced that the Ohio Division of Financial Institutions received its first Money Service Business Accreditation.