The CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more
On January 4, 2024, Connecticut Banking Commissioner Jorge L. Perez issued a temporary order to cease and desist against LoanSnap, Inc., ordering LoanSnap to cease and desist certain activities and notifying LoanSnap that its...more
On June 1, 2023, the Consumer Financial Protection Bureau along with Federal Reserve, OCC, FDIC, NCUA and FHFA (collectively, the “Agencies”) issued a Notice of Proposed Rulemaking seeking comment on rules to implement...more
On Monday, March 13, the Federal Home Loan Bank (FHLBank) system issued a single-day record of $88.7 billion in short-term, floating-rate notes with maturities ranging from three months to one year. The system originally...more
[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more
The European Banking Authority has launched a consultation on draft Guidelines on loan origination and monitoring. The consultation stems from the European Council's Action Plan on tackling non-performing loans in Europe. The...more
• New Jersey Gov. Phil Murphy signed Assembly Bill A-4997 into law on April 29, 2019, dramatically expanding the state's regulation of residential mortgage servicers. • The law requires nonbank finance companies that...more
• The State of New Jersey, on Aug. 24, 2018, enacted Assembly Bill 2035 that makes significant and important amendments (Amendments) to the Residential Mortgage Lending Act (RMLA), which had not been amended since it was...more
The West Virginia Division of Financial Institutions announced via a posting on the NMLS Resource Center that it will accept the National State MLO Test with Uniform State Content (UST) on June 1, 2018. This was the second...more
Effective June 1, 2018, the West Virginia Division of Financial Institutions will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take...more
The Texas Finance Commission of Texas adopted a new provision requiring the following individuals to retake the 20 hours of pre-licensing education as required by the S.A.F.E. Mortgage Licensing Act:...more
The Michigan Department of Insurance and Financial Services will start using the NMLS Uniform Authorized Agent Reporting functionality to fulfill agent reporting requirements. ...more
The Michigan Department of Insurance and Financial Services published its annual licensing fees under the Mortgage Loan Originator Licensing Act as follows...more
Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more
On December 1, 2017, the Nevada Division of Mortgage Lending will start using the new Electronic Surety Bond...more
Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more
On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more
New Hampshire has amended provisions regarding the licensing laws of mortgage loan originators (MLO) from other states. The commissioner may conditionally approve an application for an MLO license if the applicant is...more
The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following...more
Hawaii revised the following mortgage loan origination provisions of the Secure and Fair Enforcement for Mortgage Licensing Act, including, but not limited to...more
NMLS Release 2017.2.1 - The NMLS Release 2017.2.1 has been targeted for July 24, 2017. ...more
Colorado Revises MLO Exemption - Colorado has revised an exemption from mortgage loan originator licensure. More specifically, an individual who acts as a mortgage loan originator, without compensation or gain to the...more
NMLS Release 2017.2 will include the following updates, including, but not limited to, the following: - Addition of the “Returned to Surety by Regulator” functionality - Updates to the MSB Call Report -...more
Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more