New York warns of “extreme risk” with cryptocurrency trading
On March 1, the New York attorney general issued two alerts warning investors about the “extreme risk” facing New Yorkers investing in virtual or “crypto” currency
On March 1, the New York attorney general issued two alerts warning investors about the “extreme risk” facing New Yorkers investing in virtual or “crypto” currency
The new opinion letters addressed virtual currency, agent of payee rules, and transactions in which recipients are paid before a company is reimbursed.
During the NMLS Annual Conference, the Conference of State Bank Supervisors released an updated cybersecurity examination tool designed for nonbank financial company supervision.
The Department of Financial Institutions extended interim guidance permitting certain licensees with a physical presence to reduce hours or work from home to coincide with local mayors’ orders.
On February 18, the Texas Office of the Consumer Credit Commissioner issued updated guidance for regulated lenders relating to the Covid-19 crisis.
The FAQs respond to questions regarding, among other things, licensing and examination processes of the Department during Covid-19.
The invitation for comments describes specific topics for stakeholder consideration when providing comments, but the DFPI notes that commenters may provide feedback on “any potential area for rulemaking.”
The agency announced the first-ever enforcement action under its new structure against a student loan debt-relief company and an investigation into others.
An opinion letter explains that the sale and purchase of bitcoin through ATMs/kiosks in third-party retail locations are not subject to licensure because the sale and purchase of bitcoin from the company’s own inventory through a kiosk does not meet California’s definition of “money transmission.”
The Department of Financial Institutions issued the interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them.
The new provisions stipulate that servicers are not required to be licensed as a debt collector or be registered as a third-party loan servicer, provided they meet certain criteria.
California’s Department of Financial Protection and Innovation announced the issuance of subpoenas to a dozen debt collection companies as part of its investigation into consumer complaints regarding alleged UDAAP practices.
The Washington Department of Financial Institutions issued interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them relating to temporary remote work.
The amended regulations include updates to definitions, disclosure requirements, and other licensee duties and responsibilities.
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.
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.
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.
On December 15, the Minnesota Commerce Department issued guidance regarding non-depository financial institution telework.
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.
California’s Department of Financial Protection and Innovation released opinion letters covering aspects of the Money Transmission Act related to Bitcoin ATMs.