California enacts two privacy bills
The new legislation amends the California Consumer Privacy Act of 2018 and the California Privacy Rights Act (CPRA) of 2020.
California enacts new data broker regulations
Among other things, the California Privacy Protection Agency is authorized to create a streamlined method for consumers to delete their collected information.
Chopra foreshadows expanding oversight over digital payments
The CFPB director spoke at a digital payments event and provided steps that would increase oversight to help protect consumers.
California extends commercial financing cost disclosure requirement
Covered providers offering commercial loans must continue to disclose the total cost of financing expressed as an annualized rate indefinitely.
NYDFS settles with bank for compliance failures
According to the consent order, the settlement resolved allegations of repeated violations of AML/BSA requirements and New York law.
NY proposes amendments of debt collector rules
The proposed amendments require debt collectors to inform consumers about language access services and come in response to the CFPB’s 2020 updates to the FDCPA, among other things.
CFPB shares concerns and actions regarding medical debt collection
The CFPB’s General Counsel and senior advisor to Director Chopra delivered remarks at the New Jersey Citizen Action Education Fund’s Financial Justice Summit.
CFPB releases 2022 HMDA data
The data point report analyzes residential mortgage lending activity and trends and reflects the fifth year of data that incorporates amendments to HMDA made by Dodd-Frank.
California AG advocates for medical payment reforms
The letter to federal agencies notes that patients may not be in a position to make complex financial decisions and offers California’s protections against medical payment products as a model framework.
Chopra shares prepared remarks about the lessons from 2008
CFPB Director Rohit Chopra discussed regulatory failures exemplified by mortgage entities’ risky practices and emphasized post-crisis reforms, including the creation of the Consumer Financial Protection Bureau.
Oregon enacts registration requirements for data brokers
Under new rules, a “data broker” cannot collect, sell or license brokered personal data within Oregon unless registered with the Department of Consumer and Business Services.
Hawaii amends money transmitter provisions
The amendments outline numerous licensing application and renewal procedures, including several requirements set forth in the Money Transmission Modernization Act.
Nevada requires licenses for EWA providers
The licensing requirements apply to both “employer-integrated” and “direct-to-consumer” earned wage access products and services.
Connecticut amends requirements for small lenders
Among other things, the changes include new licensing provisions that require more people to obtain small loan licenses.
Illinois amends mortgage licensing provisions
Licensees must register physical offices where they conduct business with the Secretary of Financial and Professional Regulation. However, they are allowed to permit MLOs to work remotely if certain conditions are fulfilled.
NYDFS publishes new proposal on cybersecurity regs
The updated proposed second amendment to the state’s cybersecurity regulation (23 NYCRR 500) reflects revisions made in response to comments received on proposed expanded amendments published last November.
Nevada expands collection agency licensing requirements
While existing law requires collection agencies to be licensed, the amendments expand the type of activities that trigger collection agency licensure.
Nevada to regulate student loan servicers and lenders
Among other things, subject to certain exemptions, persons servicing student loans will be required to obtain a license from the Commissioner of Financial Institutions.
Rhode Island enacts provisions for real estate appraisal
The changes amend the Real Estate Appraiser Certification Act and the Real Estate Appraisal Management Company Registration Act.
Maryland says crypto enforcement could affect money transmitters
enforcement actions by Maryland and federal securities enforcement agencies against cryptocurrency-related businesses that could potentially impact businesses pursuing money transmitter licensure.