The governor signed AB 107, an Assembly Budget Committee bill, which changes the name of the Department of Business Oversight to the Department of Financial Protection and Innovation (DFPI).
The Department of Business Regulation, Banking Division, extended previous guidance issued to mortgage loan originators, lenders, loan brokers, and exempt company registrants.
The Department of Consumer Credit guidance sets forth data security standards that regulated entities must meet in order to satisfy the department guidance.
For the first time ever, the recent NMLS Ombudsman meeting was virtual and focused on a single topic: remote work and supervision in a post-pandemic world.
The streamlined examination for money transmitters operating nationwide (i.e., in 40 or more states) will be known as “MSB Networked Supervision.”
Panelists from our recent webcast on examinations and complaints follow-up on audience questions that were not addressed during the program due to time limitations.
The California Consumer Financial Protection Law changes the name of the Department of Business Oversight and expands UDAAP and enforcement authority.
The annual report covers the 2019 operations of finance lenders, brokers, and Property Assessed Clean Energy program administrators licensed under the California Financing Law.
The California Department of Business Oversight announced a formal investigation into a California auto title lender to determine whether the lender is evading state interest rate caps through a recent partnership with a Utah-based bank.
New applicants and existing licensees may now make submissions for Georgia Department of Banking and Finance licenses directly through NMLS.
With this development, the already short list of state financial services regulators enforcing such a requirement became significantly shorter.
The NMLS annual renewal period is right around the corner and it’s certainly not too early for state-licensed mortgage loan originators to start fulfilling their annual continuing education requirements.
The California Department of Business Oversight (CDBO) released two new opinion letters covering aspects of the California Money Transmission Act (MTA) related to the sale of foreign currency and the agent of the payee exemption.
Remote work guidance was extended through Dec. 31 for mortgage companies, MLOs, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants.
The Department of Banking issued a memorandum extending through December 31, 2020 with respect to various licensees temporarily working from home during Covid-19.
The Arkansas Securities Department extended interim regulatory guidance previously issued to licensed mortgage companies, MLOs, and branch managers.
The Texas Office of the Consumer Credit Commissioner issued updated guidance for regulated lenders navigating the Covid-19 crisis.
The Division of Financial Institutions extended, until September 30, 2020, interim guidance permitting licensees to reduce hours or close offices during Hawaii’s Covid-19 Emergency Period.
The Department of Finance extended guidance previously issued to certain mortgage, debt collection, and consumer lending licensees.
The opinion letters issued throughout the summer covered virtual currency and agent of payee rules under the California Money Transmission Act.