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Category Archives: Insights

West Virginia extends remote working for regulated entities

InsightsBy APPROVED LicensingAugust 6, 2020

The Division of Financial Institutions extended its guidance temporarily permitting employees of depository and non-depository entities to work from home or some other remote location approved by the financial institution.

California Consumer Financial Protection Law still pending

InsightsBy APPROVED LicensingAugust 3, 2020

Governor Newsom signed the Budget Act of 2020, which allocates $10.2M in 2020-21 growing to $19.3M in 2022-23 to the DBO, contingent on the enactment of the law.

South Carolina extends interim guidance to mortgage brokers permitting remote work

InsightsBy APPROVED LicensingJuly 31, 2020

The Department of Consumer Affairs updated and extended its interim guidance permitting mortgage loan originators to work remotely.

Louisiana extends emergency declarations to non-depository entities

InsightsBy APPROVED LicensingJuly 29, 2020

The Office of Financial Institutions’ extension covers residential mortgage lenders, check cashers, bond for deed escrow agents and repossession agents, and pawnbrokers, among others.

Colorado extends money transmitter and real estate broker licenses

InsightsBy APPROVED LicensingJuly 22, 2020

The governor issued an executive order further extending the expiration date of certain licenses issued by the Division of Banking and the Division of Real Estate.

APPROVED Insight | Upcoming deadline: New York volume of servicing report

Upcoming deadline: New York volume of servicing report

InsightsBy APPROVED LicensingJuly 21, 2020

While the second-quarter VOSR typically must be submitted to the NYSDFS no later than July 30, that deadline has been extended because of the Covid-19 pandemic.

Texas updates guidance for motor vehicle sales finance licensees

InsightsBy APPROVED LicensingJuly 20, 2020

The Office of the Consumer Credit Commissioner updated its advisory bulletin urging motor vehicle sales finance licensees to work with consumers during the Covid-19 crisis.

Texas extends regulated lender advisory

InsightsBy APPROVED LicensingJuly 20, 2020

On July 17, the Texas Office of the Consumer Credit Commissioner updated its Regulated Lender Advisory Bulletin on coronavirus emergency measures.

Missouri amends mortgage broker licensing requirements

InsightsBy APPROVED LicensingJuly 17, 2020

On July 6, the Missouri governor signed SB 599, which, among other things, modifies the state’s mortgage broker licensing requirements. The legislation is effective August 28, 2020.

Louisiana requires licensing for virtual currency businesses

InsightsBy APPROVED LicensingJuly 17, 2020

HB 701 was signed into law on June 13 and provides for the licensing and regulation of virtual currency businesses in the state, effective August 1, 2020.

South Dakota requires mortgage licensees to register branches

InsightsBy APPROVED LicensingJuly 14, 2020

On July 1, 2020, the South Dakota Division of Banking began accepting mortgage branch registration applications via NMLS.

Kansas extends remote work guidance

InsightsBy APPROVED LicensingJuly 9, 2020

The Office of the State Bank Commissioner extended its remote work guidance for mortgage companies, MLOs, supervised loan licenses, credit service organizations, money transmitters, and credit notification registrations through September 15.

New York reverse mortgage licenses added to NMLS

InsightsBy APPROVED LicensingJuly 6, 2020

The Reverse Mortgage Lending Dual Authority License and the Reverse Mortgage (HECM) Lending License appear to be the first licenses related exclusively to reverse mortgage lending activities on NMLS.

Hawaii extends guidance permitting reduced hours, temporary office closures

InsightsBy APPROVED LicensingJuly 3, 2020

The Division of Financial Institutions extended its earlier guidance for licensees with locations in Hawaii to July 31, 2020.

Oklahoma amends working from home guidance

InsightsBy APPROVED LicensingJuly 2, 2020

The Department of Consumer Credit issued a third extension to its interim guidance to regulated entities, extending the guidance through Sept. 30, 2020.

NYDFS launches virtual currency initiatives

InsightsBy APPROVED LicensingJuly 1, 2020

NYDFS issued a a Memorandum of Understanding with the State University of New York to launch a virtual currency program and resources intended to help virtual currency market participants.

OCC issues interpretive letter addressing money transmitter licensing

InsightsBy APPROVED LicensingJuly 1, 2020

According to the OCC, state laws that are intended to impose licensing requirements on a national bank’s exercise of fiduciary powers are preempted and satisfaction of an exemption from those requirements is not required.

Florida issues emergency order regarding certain filing deadlines

InsightsBy APPROVED LicensingJune 27, 2020

The Office of Financial Regulation issued Emergency Order 2020-04, which extends filing deadlines for certain mortgage and MSB licenses.

Washington State extends remote work guidance for MLOs

InsightsBy APPROVED LicensingJune 25, 2020

The Department of Financial Institutions issued interim regulatory guidance permitting mortgage loan originators to work from home until December 31, 2020.

Washington State amends guidance for mortgage loan servicers

InsightsBy APPROVED LicensingJune 23, 2020

The Department of Financial Institutions issued amended guidance for state-regulated and exempt residential mortgage loan servicers.

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