$80 Million in Multistate BSA/AML Settlement for Money Transmitter
Forty-eight state financial regulators, in a multistate action, agreed to settle with a money transmitter on its alleged violations of Bank Secrecy Act (BSA) and... Read More
State Regulatory Developments
State Financial Regulatory Agencies Settle with Large Investment Firm and its Mortgage Servicing Affiliates over Cybersecurity Breach
Fifty-three state financial regulatory agencies settled with a large investment firm and three mortgage servicing affiliates, over allegations that the companies did not maintain adequate... Read More
MD Issues Guidance on Licensable Activity, Emergency Regulations
The Maryland Office of Financial Regulation (OFR) recently issued guidance on licensable activity to reflect the office’s understanding of the state appellate court’s decision in... Read More
NY Prohibits Debt Collection Through Social Media
New York recently passed an amendment to its general business law prohibiting creditors from using social media platforms to collect on a debtor. The amendment... Read More
Illinois Amends Community Reinvestment Act Fees, Implementation Period
The Illinois Department of Financial and Professional Regulation (IDFPR) recently amended its examination fees for the state’s community reinvestment act (CRA). The amendment requires covered... Read More
MA Amends Law Regarding Certain Shared Appreciation Mortgages
Massachusetts recently amended its law to, among other things, include provisions specific to shared appreciation mortgages made by certain nonprofit entities. The new provisions state... Read More
MD Implements New Regulations for Shared Appreciation Agreements
New regulations under the Maryland Mortgage Lender Law have become effective governing Shared Appreciation Agreements (SAAs) in Maryland. Key changes introduced by the new regulations... Read More
Texas Adopts New Rules Governing Mortgage Companies and MLOs
The Texas Department of Savings and Mortgage Lending (SML) recently adopted new comprehensive rules governing mortgage loan companies, mortgage bankers, individual residential mortgage loan originators,... Read More
CA DFPI Revokes CFL License of Crypto Lender
The California Department of Financial Protection and Innovation (DFPI) recently announced a settlement agreement with a crypto lender that, among other things, revoked the company’s... Read More
CA Enacts Laws Affecting NSF Fees Charged by Banks, Credit Unions
California recently enacted a law that prohibits banks and credit unions subject to the examination authority of the Commissioner of Financial Protection and Innovation from... Read More
Tennessee Increases License Fees for Non-Depositories
The Tennessee Department of Financial Institutions recently announced its 2024-2025 non-depository financial institution annual supervision fees, which are paid at either application or renewal of... Read More
CA DFPI Brings Enforcement Actions Against Student Loan Debt Relief Companies
The California Department of Financial Protection and Innovation (DFPI) recently announced that it has taken action against three student loan debt relief companies for (i)... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.