The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content....more
On April 20, 2024, the Pennsylvania Department of Banking and Securities (“DoBS”) issued a policy statement (“Policy Statement”) to “clarify” that the Department’s interpretation of the term “money” in the Pennsylvania Money...more
5/14/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Services Business ,
Money Transmitter ,
Policy Statement ,
Virtual Currency
In April 2024, Wisconsin and Maine enacted the Model Money Transmission Modernization Law (“MTML”) to implement the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act. As of April 22, 2024,...more
The South Dakota Division of Banking issued a Memorandum notifying all licensed money lenders and non-residential mortgage lenders of their Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) obligations under a 2020 Final...more
2/13/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Licensing Rules ,
Money Laundering ,
Mortgage Lenders ,
Risk Assessment ,
Suspicious Activity Reports (SARs)
We have been following closely efforts by state regulators, state legislatures and the courts to restrict, or in some cases prohibit, bank model lending programs, so the recent guidance from the Vermont Department of...more
10/9/2018
/ Banking Sector ,
Consumer Financial Products ,
Exemptions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Licensing Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Solicitation/Distribution Policies ,
State and Local Government
The Indiana Department of Financial Institutions (Department) has issued its Questions & Answers (Q&A) related to upcoming changes in various statutes administered by the Department that become effective as of July 1, 2018. ...more
In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the Consumer Financial Protection Bureau (CFPB) solicited information from vendors so it can "better understand current,...more
8/25/2016
/ Administrative Procedure Act ,
Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Mortgages ,
NMLS ,
Non-Bank Lenders ,
Popular ,
Registration ,
Request For Information ,
Title Loans
In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the CFPB solicited information from vendors so the CFPB can “better understand current, state-of-the-art capabilities and...more
The U.S. Treasury Department has released a white paper addressing the online marketplace lending industry. Based in part on the responses to Treasury's July 2015 Request for Information (RFI), the white paper offers a broad...more
5/16/2016
/ Community Development Entities ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Online Marketplace Lending ,
Peer-to-Peer ,
Request For Information ,
Small Business ,
Transparency ,
U.S. Treasury
The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO's online survey sent to 14 marketplace lenders engaged in online consumer...more
The U.S. Court of Appeals for the Third Circuit has ruled that Pennsylvania’s recording statute does not require the recording of all conveyances. As a result, the Third Circuit reversed the district court’s refusal to enter...more
8/7/2015
/ Banking Sector ,
Banks ,
Class Action ,
Declaratory Judgments ,
Deeds ,
Financial Institutions ,
Lenders ,
MERS ,
Mortgage Lenders ,
Mortgages ,
Recording Fees