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Licenses Financial Institutions

Orrick, Herrington & Sutcliffe LLP

OCC revises guidance on branch closings

On February 7, the OCC released an updated version of the “Branch Closings” booklet of the Comptroller’s Licensing Manual. According to OCC Bulletin 2023-6, the revised licensing booklet, which outlines policies and...more

Orrick, Herrington & Sutcliffe LLP

OCC revises Comptroller’s Licensing Manual

On January 19, the OCC announced an updated version of the “Branches and Relocations” booklet of the Comptroller’s Licensing Manual. According to Bulletin 2023-04, the revised booklet replaces booklet of the same title issued...more

McGlinchey Stafford

Kentucky and Virginia Enact Student Education Loan Servicing Laws

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Kentucky and Virginia have passed legislation relating to student loan servicers. In Kentucky, a new student loan servicing law creates new licensing and compliance requirements. In Virginia, an amendment limits the scope of...more

White & Case LLP

Ofgem opens the door for third party finance providers to participate in the Supplier of Last Resort process

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The week between Christmas and New Year is not, traditionally, a time when Ofgem pushes out consultations on licence modifications. Nevertheless, on 30 December 2021, just such a consultation appeared. Perhaps, given the year...more

Bradley Arant Boult Cummings LLP

Regulatory Review, Reformatted

As 2021 runs in search of what’s new, we realize that the pandemic disruption has continued through 2021. The NMLS Ombudsman Meeting was held virtually and the upcoming American Association of Residential Mortgage Regulators...more

Fox Rothschild LLP

Sue-Happy Bill Targeting Student Loan Servicers Introduced In Texas Senate

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Texas’s status as one of the nation’s most “business-friendly” states remains under threat as policymakers grapple with the fallout of a polarizing presidency and shifting demographics. There is no better example than the...more

Troutman Pepper

CFPB Task Force Recommends Congress Authorize the CFPB to Issue Licenses to Non-Depository Institutions

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Earlier this month, a task force created by the Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger sent Congress a report with over 100 recommendations to strengthen consumer finance law, including fintech...more

Holland & Knight LLP

New Jersey Expands Regulation of Mortgage Servicers

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• 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

Akin Gump Strauss Hauer & Feld LLP

Insurtech Companies Not Invited to Play in Arizona’s Fintech Sandbox

Last month Arizona became the first U.S. state to enact a law (H.B. 2434) establishing a fintech regulatory sandbox program to facilitate the growth of innovative financial products and services. The Arizona law charges the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Federal regulators are on the verge of creating a brand new type of banking license specifically for fintech. Called “special purpose national bank charters,” the licenses are intended to enable fintech companies that accept...more

Davis Wright Tremaine LLP

Reality and Trend of China’s Regulation on Payment Service by Non-Financial Institutions 2016

Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At...more

Skadden, Arps, Slate, Meagher & Flom LLP

"OFAC and BIS Further Ease Cuba Restrictions"

On September 21, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) amended their respective Cuba regulations to...more

Ballard Spahr LLP

Texas Adopts New Provisions Regarding Denial, Suspension, or Revocation Based on Criminal History for Residential Mortgage Loan...

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Texas has adopted provisions that specify the criminal history information collected by the Office of Consumer Credit Commissioner (OCCC) and outline factors the OCCC will consider when reviewing criminal history information....more

Ballard Spahr LLP

Several New States Adopt the National SAFE MLO Test with Uniform State Component

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New York, Ohio, Oklahoma, and Connecticut are the latest states to announce that they will be adopting the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content. The New York Department of Financial...more

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