In January 2025, the Maryland Office of Financial Regulation (the “OFR”) issued a guidance stating that assignees of residential mortgage loans, including certain passive trusts, were required to hold a Maryland mortgage...more
Effective November 23, 2024, the Texas Department of Savings and Mortgage Lending (the “DSML”) adopted new rules affecting mortgage loan companies, mortgage bankers, individual residential mortgage loan originators, and...more
12/16/2024
/ Banking Sector ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Financial Services Industry ,
Lenders ,
Lending ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Reporting Requirements ,
Residential Real Estate Market ,
Rulemaking Process ,
State and Local Government ,
Texas
On January 11, 2024, an administrative law judge for the NLRB issued an opinion holding that the employment agreement used by a major mortgage lender for all of its approximately 6,000 employees violates the National Labor...more
2/19/2024
/ Administrative Law Judge (ALJ) ,
Confidentiality Agreements ,
Disclosure Requirements ,
Employees ,
Employment Contract ,
Lenders ,
Mortgage Lenders ,
New Guidance ,
NLRA ,
NLRB ,
Rulemaking Process
On December 4, Judge R. Gary Klausner of the U.S. District Court for the Central District of California granted summary judgment to California’s DFPI upholding the recently adopted commercial financing disclosure regulations...more
12/29/2023
/ California ,
Commercial Loans ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure ,
Financial Institutions ,
Lenders ,
Lending ,
Regulatory Reform ,
Regulatory Requirements ,
Small Business ,
Truth in Lending Act (TILA)
Last month we wrote a blog relating to a consent order entered into by the California Department of Financial Protection and Innovation (DFPI) with a servicer of income share agreements. The DFPI determined that, despite...more
On August 31, both houses of the California legislature passed and sent to Governor Newsom for signature the California Consumer Financial Protection Law (the CCFPL). Effective on January 1, 2021 if Governor Newsom signs the...more
9/16/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Debt Collectors ,
Department of Business Oversight ,
Dodd-Frank ,
FinTech ,
Governor Newsom ,
Legislative Agendas ,
Lenders ,
Merchant Cash Advance (MCA) ,
State and Local Government ,
State Legislatures ,
Title X ,
UDAAP